After languishing for over 850 days, VET, the token of enterprise blockchain VeChain, finally appears primed for a major breakout, according to analyst EGRAG Crypto.
In a recent tweet, EGRAG Crypto pointed to a VET “triple bottom” formation he first identified back in August 2023. This technical pattern signals a bullish trend reversal after an extended price decline.
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850 Days of Rangebound Trading
VET has struggled to gain upside momentum since its previous all-time high of $0.278 in April 2021, trading between $0.02 and $0.09 for over two years. However, EGRAG now sees signs of life for the long-dormant altcoin.
Beyond the triple bottom pattern, VET price action has turned decidedly more bullish recently. VET has surged 25% over the past week, significantly outperforming Bitcoin. The token now trades around $0.0345, with a 10% surge in the last 24 hours.
When will VET hit $1.6?
With VET appearing to “break free” at last, EGRAG Crypto has set three upside targets for the token’s next leg. The first is at $0.05, then $0.702. EGRAG’s final target sits at $1.60.
EGRAG himself plans to hold VET until it reaches that 3x threshold at minimum. For traders pondering taking profits sooner, hitting these incremental targets along the way could make sense.
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Of course, technical patterns only capture market psychology, not fundamentals. For such a dramatic VET price surge to materialize, VeChain would likely need major ecosystem developments and real-world adoption wins.
Nonetheless, from a charting perspective, EGRAG sees the stars aligning for VET after an extended sideways slog. If follow-through continues, VET could quickly become one of 2024’s biggest crypto breakout stories.
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