Verasity (VRA) token eyes a 200% uptrend underway

Key Takeaways:

• VRA, the native token of Verasity, a blockchain-based Esports and video entertainment platform, faced a potential 200% uptrend, based on bullish technicals.
• The company made its VRA token more accessible through VeraWallet, eliminating the purchase fees.

YEREVAN (CoinChapter.com) — The Verasity (VRA) price consolidated throughout the previous week and stood at $0.034 in Friday’s Asian-Pacific session. In doing so, the VRA coin flashed bullish technicals on the charts.

Verasity (VRA) token daily price chart

Verasity’s (VRA) price fluctuations appeared in confluence with the rest of the market. However, the relative strength index (RSI; purple graph at the bottom) showed a bullish RSI divergence.

In detail, the RSI is a momentum indicator, reflecting the traders’ expectations of a particular asset. It often copies the general bias of the price action. However, a bullish divergence occurs when the price action prints lower lows, but the RSI simultaneously flashes higher lows. It signifies an upcoming change in the bias and gains for the bulls.

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The RSI divergence alone was not enough to make a confident Verasity price prediction, but the weekly chart confirmed the short-term bullish forecast.

VRA Coin weekly chart

Verasity weekly chart confirmed the short-term bullish expectations, as the price action formed a Rising Wedge. The formation encloses the price action between two trendlines, decreasing the price swing.

Rising Wedge is a reversal pattern despite the higher highs and forecasts a bearish trend after VRA exhausts the pattern.

However, the formation’s bearish nature did not contradict the earlier prediction. Verasity price retested the Wedge’s support in the previous week and is also poised to retest the resistance. If the prediction pans out, VRA could see an approximately 200% uptrend before sliding south again.

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Moreover, the weekly chart displayed a bearish RSI divergence that confirmed the Rising Wedge’s prediction. The bearish RSI divergence occurs when the price action achieves higher highs, but the RSI deviates from it, printing lower highs, and indicating weakening momentum.

What’s new with Verasity?

On Dec 13, the company announced that they eliminated the purchase fees for VRA on their VeraWallet. Additionally, the users can make transfers from their bank accounts and stake their VRA tokens for no additional fees.

However, as the platform runs on the Ethereum blockchain, it retains the notoriously high Ethereum network fees. The company replied to multiple complaints on the matter, saying, “unfortunately, neither Transak nor Verasity can remove those fees.”

On the day of the announcement above, the analytical platform InvestorsObserver published a report on Verasity. They asserted that VRA was a low-risk asset based on the price volatility in combination with changes in trading volume.

The proprietary scoring system analyzes how much money was required to move the price over the past 24 hours. […] The risk gauge rank for VRA shows the token is currently a low-risk investment. Traders focused on risk assessment will find the gauge most useful for avoiding (or adding) risky investments

stated the report.