- Based on Elliott Wave Theory, Egrag Crypto predicts VET’s price could surge to $1 or $2.
- Key targets include $0.157 to $0.170 (0.618 Fibonacci level) and $0.446 to $0.477 (Wave 5).
- Support levels at $0.023-$0.027, with resistance around $0.15 and $0.44.
A new technical analysis from Egrag Crypto outlines two potential scenarios for VeChain’s price: a jump to $1 or a possible surge to $2. These predictions are grounded on historical price patterns, Fibonacci retracement levels, and Elliott Wave Theory.
The analysis specifically focuses on a potential five-wave impulse pattern, which could signal a significant upward move for VET if it materializes.
Five-Wave Impulse Pattern Suggests Bullish Phase
Egrag Crypto’s VET price chart centers around a possible five-wave impulse pattern, which, if confirmed, could indicate a significant bullish phase for VET. According to the chart, VET could enter an impulsive Wave 3, characterized by five sub-waves after a minor correction.
If this structure develops as expected, a corrective Wave 4 would likely follow, potentially setting the stage for a final explosive rally in Wave 5. Historical data shows that a similar pattern occurred in a previous cycle within 150 days.
Moreover, the analysis pinpoints key price targets within the Fibonacci framework. The first major target lies between $0.157 and $0.170, corresponding to the 0.618 Fibonacci extension level. If VET’s price continues to rise, the analysis predicts that Wave 5 could reach between $0.446 and $0.477. These targets represent a substantial increase from current price levels, signaling strong bullish potential.
The analysis also highlights key support and resistance levels. The critical support zone is located between $0.023 and $0.027, while major resistance is anticipated near the $0.15 and $0.44 price areas. These levels are crucial for traders watching for potential reversals or continuations in the market.
However, VET’s price forecast hinges on the assumption of continued upward momentum based on technical indicators. External factors such as market-wide events, macroeconomic conditions, or developments within the VeChain ecosystem are not considered in this technical analysis. Given these uncertainties, traders and investors should look at a wider range of data when making investment decisions.
Read also: VeChain’s VET Token Gains Momentum as New DAO and Features Launch
Egrag Crypto’s VET analysis offers a detailed framework for traders, providing insights into potential long-term price trends for VeChain. It also provides clear targets and risk levels for those tracking this cryptocurrency’s movements.
Currently, VeChain is trading at $ 0.024109, reflecting a 0.88% intraday rally.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
