VeChain (VET), a cryptocurrency often praised for its technology and real-world use cases, might finally be poised for a long-awaited price surge. While its enterprise-focused solutions and partnerships with industry giants haven’t always translated directly to price appreciation, recent technical formations and bullish sentiment signal a potential breakout.
Market analyst EGRAG CRYPTO believes VeChain has finally broken free from a lengthy 850-day downtrend, symbolized by a Descending Triangle price pattern. This, coupled with the formation of a bullish triple bottom pattern, suggests a renewed push towards its all-time high (ATH) of $0.2782.
EGRAG doesn’t stop there. He outlines three potential price targets for VET:
- $0.06: This level represents a significant climb from current levels and hasn’t been seen since April 2022.
- $0.11: Doubling the current price, this target signifies further market confidence.
- $1.5: An ambitious yet not implausible target given wider crypto market trends and growing VET adoption.
Interestingly, no specific timeline accompanies these targets, suggesting a focus on long-term potential rather than short-term predictions. However, EGRAG emphasizes the strength of the recent “Break of Structure” (BoS) at $0.02656, indicating further upward momentum. He even claims he wouldn’t sell VET until it reaches a valuation at least 3 times its ATH, showcasing his unwavering optimism.
Beyond technical analysis, VeChain’s fundamentals remain equally compelling. As a high-throughput protocol dedicated to supply chain management, IoT integration, and secure transactions, it caters to crucial pain points within various industries. Strategic partnerships with companies like BCG and Tangem wallet solidify its reach and potential impact.
The recent collaboration with Walmart China, resulting in over 200 million transactions within just two weeks, serves as a prime example of VeChain’s real-world application and growing adoption. Such large-scale partnerships validate its technology and pave the way for further expansion.
While VET’s price history might not always reflect its strong fundamentals, the current confluence of technical indicators, bullish sentiment, and impressive partnerships suggests a potential turning point. Whether it reaches the ambitious targets outlined by EGRAG CRYPTO remains to be seen, but one thing is clear: VeChain’s potential for growth and impact within the ever-evolving blockchain landscape cannot be ignored.