Verasity recently broke above its previous all-time-high! Will the bull run continue or will it experience a dump soon? Read more to find out!
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Verasity is a protocol and product layer platform, created to increase engagement and publisher revenue using blockchain technology.
It is their mission to increase the advertising revenues for video publishers significantly. They do that by using the Proof of View (PoV) mechanism.
Here is the logarithmic chart to make things more visible.
When you compare the price action seen back in 2020 with one in 2021, you will notice a lot of similarities:
VRA makes a new all time high.
It drops sharply after making that ATH. The price retraced more than 80%. After hitting the low, the low gets taken out/long stops get triggered.
The price rises again but makes a lower high.
After a while, a higher low is formed.
Price breaks the previous ATH and forms an uptrend.
You can see that VRA rose massively in a period of one year. It almost went up by 170 times. With a market cap that has crossed $3.5 million, it is maybe a bit far-fetched to expect the same percentage gain this time around. However, it also seems that VRA is starting phase 5 right now.
Notice that this is also a logarithmic chart. The Fibonacci numbers you see on the right, are also valued logarithmic. Therefore, the price action in history is clearly visible.
Fibonacci is measured from the low in November 2020 to the top in April 2021, half a year later.
After VRA made an all time high, a falling wedge was formed. Afterward, VRA made a low in May, retested it in June, and deviated from it in July. The volume was falling together with the price, which is a bullish sign. When VRA broke out of the wedge, a surge in volume could be observed. It tested the supply zone, made another smaller falling wedge, and broke above the former ATH.
Right now the price is breaking out. Predicting the future price when a coin is in price discovery mode is difficult, but you can definitely take help from Fibonacci levels.
You can see both the falling wedges on this chart again. The low in July this year was a perfect deviation and it touched a fresh demand zone, marked in white.
As can be observed on the chart, VRA is breaking out right now and it all seems quite bullish, going forward this year. Be aware that there is a possible bearish divergence forming on the 1D chart here, which may temporarily cause a retrace.
The VRA/BTC chart also seems on the verge of an outbreak, near all-time highs. There is a clear range drawn from the low printed in March to the high in April. The midrange supported the price in April and May and became the resistance level in June.
When VRA broke out in August, it successfully retested the midrange and made a new all time high. Then, it retested the fresh 1D demand and started climbing again, to make another ATH.
Right now, it seems like a matter of time before a new high will be made by the token.
Verasity is a protocol and product layer platform, created to increase engagement and publisher revenue using blockchain technology. When it comes to its pricing and future outlook, a few things must be considered:
The weekly chart shows a simple, repetitive pattern. Right now, the price seems to be breaking out to the upside.
The 3D chart shows two falling wedges where VRA broke out to the upside.
The 1D chart seems short-term bearish, with a possible bearish divergence, but the long term has a bullish outlook for VRA.
VRA valued against the Dollar is also showing bullish momentum.
Keep in mind that this is all based on the interpretation of the writer. Always do your own research and don’t take anything for granted.
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