VeChain (VET), a leading blockchain platform focused on enterprise adoption and supply chain management, has been making waves in the crypto market as it breaks out of a lengthy consolidation phase. The altcoin has experienced significant growth over the past year, with a 97% price advance despite a recent correction that saw a 7% drop in the last 24 hours.
TLDR
- VeChain (VET) has seen a significant price increase in recent months, breaking out of a lengthy consolidation phase.
- The altcoin has experienced a 97% price advance over the last year, despite a recent correction that saw a 7% drop in the last 24 hours.
- Increased network growth, technological infrastructure, developer participation, and user growth have contributed to the bullish sentiment surrounding VeChain.
- Analyst EGRAG Crypto has outlined a potential price path for VET, with targets of $0.09, $0.23, and a range of $1 to $1.6, representing a potential 3455.56% increase from current levels.
Currently trading at $0.03968, VET has been generating buzz among investors and analysts alike. The bullish sentiment surrounding the project can be attributed to several factors, including increased network growth, technological infrastructure, developer participation, and user growth.
VeChain has been working towards its goals of enhancing supply chain processes and empowering individuals and businesses to set, shape, and scale their sustainable efforts.
The recent launch of VeBetterDAO, which utilizes the B3TR utility token to incentivize sustainable actions, is just one example of the network’s commitment to solving critical sustainability problems.
The project aims to onboard a million active daily users in the next few years, with a target of reaching a billion users by 2030. This ambitious goal seems increasingly achievable, as the network currently boasts nearly 3 million active wallet addresses, with the total number of successful transactions on an upward trajectory.
As the VeChain network grows and investor interest peaks, prominent crypto analyst EGRAG Crypto has outlined a potential price path for VET.
The analyst has identified three key levels that could see VET reach a valuation of $1.6, representing a staggering 3455.56% increase from its current price.
The first hurdle for VET bulls is to secure a daily close above the yellow channel, which translates to a price target of approximately $0.09. A successful breakout from this level could trigger a significant price increase, propelling VET into the blue channel, with a potential price target of $0.23, representing a substantial 411% increase from current levels.
#VET YBG – Yellow-Blue-Green: ????????????
A) Yellow Channel: The #BULLS are fighting to close above the Yellow Channel. If they succeed, #VET will likely propel to the Blue Channel.
B) Blue Channel: Closing within the Blue Channel and maintaining it is #Bullish, while getting… pic.twitter.com/xuROvW543x
— EGRAG CRYPTO (@egragcrypto) March 14, 2024
EGRAG acknowledges the possibility of a temporary pullback after reaching the blue channel, potentially retesting the $0.09 support level. However, the analyst views this as a bullish development, paving the way for a stronger upward move.
Finally, the green channel, ranging from $1 to $1.6, is identified as a potential profit-taking zone for VeChain investors during the anticipated bull run. A price target of $1.6 would mark a historic peak for VET, significantly surpassing its current all-time high of $0.2782.
As VeChain continues to deliver on its roadmap and garner increased adoption, the future looks bright for this promising blockchain project.
