How Far Will the Uptrend Go?

• VET price stands out with an increase of more than 20% in the last 24 hours.
• The renowned analyst is pointing to the level of $0.11640 for the VET token.
• Maintaining the 0.382 Fib is crucial for the upward movement of VET price.

Popular altcoin VeChain (VET), which has seen an increase of over 20% in the last 24 hours, resiliently maintains its position above $0.04 despite selling pressure on Bitcoin and cryptocurrencies. The VET token price has surged by over 80% in the last 7 days.

Now, the main question is whether the VET token will rise further. This question is addressed in the analysis shared by EGRAG CRYPTO on X. The renowned analyst EGRAG reiterated his predictions by examining the chart of the VET token. According to the analyst, if the weekly candle closes above $0.04317 (Fibonacci 0.382 level), the VET token will strengthen its position.

When the condition mentioned by the analyst is met, he points to the next target at the Fibonacci 0.702 level. The Fibonacci 0.702 level corresponds to $0.11640. If the analyst’s target is achieved, the VET token price will show an increase of approximately 140% from the current price.

EGRAG CRYPTO’s massive VET price prediction indicates a belief that VET’s price could double or more. Additionally, EGRAG emphasizes confidence in his predictions by adding the following words: “Rest assured, our targets remain unchanged, and we are progressing steadily toward achieving them, one step at a time.”

In an analysis from December 14, 2023, EGRAG definitively stated that the target was $0.11640 and then listed targets up to $2.30 for the VET price. The analyst confidently stated that the VET token would reach these targets one by one.

As of the time of writing, VeChain’s VET token is trading at $0.0475 with a trading volume of over $920 million. The volume has seen a massive increase of over 580% in the last 24 hours. With a market capitalization of $3.4 billion, VET firmly holds its position as one of the top 30 cryptocurrencies.

According to Coinglass data, $2.45 million worth of VET positions were liquidated in the last 24 hours. Short position liquidations accounted for $1.69 million of this amount. Additionally, Open Interest (OI) surged by over 67% to reach $71.8 billion.