- VRA is now breaking out and looks bullish for the rest of the year.
- A possible bearish divergence is emerging on the 1D chart.
Verasity (VRA) is trending right now. According to CoinMarketCap, at the time of writing, it is now the 169th largest cryptocurrency. Its market cap is $362,000,000. The price recently hit a new high, and the number of holders has risen.
Verasity is a protocol and product layer platform designed to boost publisher engagement and income using blockchain technology. Their goal is to enhance video publishers’ advertising earnings greatly. That’s how they do it by using the Proof of View (PoV) mechanism.
The VRA skyrocketed in a year. It almost tripled. With a market valuation of over $3.5 million, it’s hard to foresee the same percentage growth this time. However, VRA seems to be commencing phase 5 right now.
When compared to the price pattern of last year’s moves, there are a lot of similarities. When the Fibonacci is calculated from the low in November 2020 to the high in April 2021. After VRA hit its peak, a descending wedge developed.
Then, in May, VRA hit a low, retested it in June, and broke it in July. Volume fell in lockstep with price, a positive indicator. A volume spike occurred when VRA exited the wedge. A smaller falling wedge was formed, and it broke above the previous ATH.
Seems Bullish for the Rest of the Year
Prices are breaking out now. Predicting future prices while a coin is in the price discovery phase is tricky, although Fibonacci levels may assist. This year’s July low was a perfect departure, touching a new demand zone in white.
VRA is now breaking out and looks bullish for the rest of the year. A possible bearish divergence is emerging on the 1D chart, which may prompt a retracement. The VRA/BTC chart is likewise nearing all-time highs. There is a definite range from March’s low to April’s high. June’s midrange was resisted in April and May.
VRA retested the midrange and set a new all-time high in August. Then it retested the new 1D demand and resumed its ascent to another ATH. The token seems to be nearing a new high as per the past year’s pattern analysis.
