VeChain: Bearish Pressure Can’t Stop VET From Targeting $2
Despite bearish pressure weighing down on VeChain, analysts are still holding out hope that VET could face a massive surge to target an increase in a price as high as $2. The token has certainly struggled throughout 2024. Yet, that could be coming to an end with October looking to turn things around for a host of tokens.
With ‘Uptober’ almost upon the market, there is a plethora of expectations for different cryptos. As with all price movement, a lot of that depends on Bitcoin. There are many who believe the coming month could have BTC eyeing a return to $70,000. That could have a massive impact on the market as a whole, as well as VeChain.
Also Read: VeChain (VET) Could Deliver 20% Returns in September
VeChain Looks to Push Through Bears as VET Could Be In Line for October Surge
Like many cryptocurrencies in the last several months, VeChain has struggled. Over the last 30 days, the token has fallen more than 8%, according to CoinMarketCap. Yet, it has enjoyed a notable turnaround. In the last seven days, it is up more than 14%, currently trading near the $0.024 mark.
There are many analysts who expect VeChain to successfully navigate bearish pressure, and allow the surge to carry VET as high as $2. The asset is currently down 91% from its all-time high of $0.28, with the market projecting that landmark figure to be a thing of the past.
Crypto analyst EGRAG took to X (formerly Twitter) to discuss their high hopes for VeChain. Specifically, they forecasted a massive move based on the Elliot Wave Theory. This identifies corrective wave patterns that could drive VET to notable highs.
#VET Move A: $1 or Move B: $2!!!!
The next move for #Vechain is going to be a game-changer!
If we’re entering impulsive Wave 3⃣, it needs to show 5 sub-waves. If this next impulsive structure hits all the right criteria, get ready for a quick and aggressive corrective Wave… pic.twitter.com/Di01tmg0sP
— EGRAG CRYPTO (@egragcrypto) September 21, 2024
Also Read: VeChain: When Will $1000 Worth of VET Become $1 Million?
With Elliot Wave categorized by five sub-waves, EGRAG notes that VET is preparing to enter an impulsive Wave Three phase. This projection hints that Wave Four could bring about a correction before an explosive rally capitalizes on Wave Five.
For the analyst, these moves could have VET targeting $1 in the short term, with a $2 top-end projection. Moreover, they note that the price increases could come fast and furious. Based on historical data, they could happen as quickly as in the next 150 days.