The price of VeChain (VET) may rise as high as $1.6 following the formation of a triple bottom pattern, according to top market analyst EGRAG CRYPTO, who leveraged the Cloning Pattern.
Historically, EGRAG CRYPTO comes off as one of the most bullish on VeChain. In his latest analysis, he highlighted how the cloning technique is signaling exciting moves for the coin.
EGRAG CRYPTO noted that he applied the Cloning Technique to a previous mega rally in the price of VeChain, marked on the accompanying chart shared with the blue arrows.
How High Can VET Soar?
While not definitive, EGRAG CRYPTO said VeChain might set sail for the $1.6 price point. The chart he shared shows a triple bottom pattern formed by VET from December 2018 to 2020. VET triumphed over these drawdowns and rallied toward the price level around $0.0232 in August 2020.
Following the jump to $0.0232, VeChain suffered a pullback that saw its price collapse to a low of $0.008926 in November 2020. However, VET eventually recovered from this retracement, surging to its All-Time High (ATH) price of $0.2782 in April 2021.
The elongated crypto winter that accompanied the 2021 bull phase dropped VET’s price and kept it in a consolidation mode, hinting at a similar rally. The pre-ATH phase is also signaling another triple bottom pattern.
In EGRAG CRYPTO’s projections, the coin is on track to make a move toward $0.115, followed by a dip to $0.035. If this projected movement plays out, the coin might skyrocket to $1.6 in the long term once it recovers from the drop to $0.035.
#VET Triple Bottom: Cloning Pattern ($1.6)🚀
I’ve applied the cloning technique to a previous cycle’s blue arrow pattern, and the current price action suggests that #VET may be gearing up for some exciting moves.
The pattern indicates a potential rise to 0.115c, followed by a… pic.twitter.com/ujfjtmjQPn
— EGRAG CRYPTO (@egragcrypto) March 22, 2024
Backing Fundamentals
One fundamental feature that could back VET’s uptrend is the launch of two new tokens B3TR and VOT3 and a sustainability platform dubbed VeBetterDAO. Designed as a high performance blockchain with deep tilt toward enterprise adoption, VeChain is shifting the boundary of innovation with new products, patents and services.
While EGRAG CRYPTO is not the only analyst bullish on VeChain, his forecast has remained consistent over the past few months. At the time of writing, VeChain’s price and market cap are down 2.92% to $0.04022 and $2,923,159,894 respectively.
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