Like the rest of the crypto market, VeChain (VET) has been hit hard in recent weeks. The correction has seen VET’s price plummet to its lowest value since December last year.

However, according to crypto analyst Egrag, this will not last long. Based on the Elliott Wave theory, he predicts an increase of almost 600%.

Egrag stated in his post on X that VeChain is at the end of corrective wave 2 and is about to enter wave 3. In Elliott Wave theory, this means that a strong and usually explosive phase is coming. For this third phase, the analyst is targeting a price of $1.5, with a valuation of up to $1.8 in the most optimistic scenario. This would represent a 592% increase from the current price.

According to the analyst, there are crucial support and resistance levels that could support this optimistic prediction. For example, it is important that the digital currency gets above the support zone of $0.03 again.

Other crypto analyst expects milder rise

Another analyst, World of Charts, is also bullish on VeChain. According to him, the digital currency has been trading within a channel with lower peaks and valleys since February. Currently, VET is at the lower boundary of this channel. The recent trend break suggests that the downward trend is losing momentum and that a reversal is near.

World of Charts expects that this breakout could lead to a significant price increase, possibly doubling VET’s value to around $0.06, which would represent a 130% increase from current levels.

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