Verasity sees fake bearish signal as VRA drops 80% from its record highs — major rebound ahead?

Verasity, Verasity sees fake bearish signal as VRA drops 80% from its record highs — major rebound ahead?
image from verasity.com

Key Takeaways:

  • Verasity (VRA) price dropped nearly 80% from its all-time high, but could hope for a recovery.
  • The platform scored a new exchange listing, and expanded its follower base on Twitter.

YEREVAN (CoinChapter.com) – Verasit (VRA) traded at $0.019 on Mar. 15, after a nearly 80% drop from its all-time high of $0.08. The token has been consolidating sideways for the previous three weeks, as it held on to crucial support at $0.018.

Verasity (VRA) price on Mar. 15. Source: CinMarketCap.com
Verasity (VRA) price on Mar. 15. Source: CoinMarketCap.com

Additionally, the digital asset flashed a bullish relative strength index (RSI) divergence on the daily chart that could help VRA to score an uptrend in the upcoming sessions.

Also read: Verasity (VRA) token eyes a 200% uptrend underway. 

In detail, the RSI (purple graph at the bottom) is a momentum indicator. It reflects the traders’ return expectations and could signify a strong demand when standing between 50 and 70.

Verasity (VRA) daily price chart, featuring a bullish RSI divergence. Source: TradingView.com
Verasity (VRA) daily price chart featuring a bullish RSI divergence. Source: TradingView.com

Furthermore, an RSI divergence happens when the price action and the indicator do not move in sync. For example, the VRA value consolidated sideways just above the mentioned support, but the RSI painted slightly higher lows.

Also read: 3 reasons why Bitcoin bulls should wait for a dip toward $30K to buy BTC. 

Michael Van de Poppe, the CEO of consulting firm Eight Global, also commented on Verasity’s daily chart, calling the digital asset a possible “investment opportunity.”

Not all bullish for VRA?

However, not all technicals on the daily chart were bullish. The declining trading volume (vertical bars at the bottom) could signify lowering interest from traders. Additionally, a falling trendline could hinder VRA’s upside attempts.

The former has been instrumental since early December, possibly forming a Descending Triangle with the support at $0.018. The Descending Triangle is a bearish formation that could drop VRA to Mar. 2021-lows at $0.003, a drop equivalent to the maximal distance between the trendlines.

New exchange listing

Verasity scored a new listing on cryptocurrency exchange crypto.com, which would expand the token’s exposure and possibly boost the price. Additionally, the Mar. 9 announcement claimed that the token traded on 5 out of 10 top volume exchanges worldwide.

Also read: Will the Metaverse adoption exacerbate mental health issues? Experts chime in. 

Moreover, the platform reached a milestone of 250,000 Twitter followers, signifying a growing community.

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Verasity, Verasity sees fake bearish signal as VRA drops 80% from its record highs — major rebound ahead?

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