Verasity VRA Eyes a Breakout above Multi-Year Resistance- Is a Bull Cycle on the Cards?

Verasity eyes a breakout above a long-standing descending trendline, signaling a potential bull cycle for the coin.

Verasity is a blockchain protocol that uses the Proof-of-View(PoV) mechanism to enhance transparency in video entertainment, preventing fraud in advertising by content creators, such as fake views and engagement. As of press time, the network’s native token, VRA, is trading at $0.001054, a 8.71% drop in price over the past 24 hours, per CoinMarketCap.

Despite the prevailing bearish momentum and price fluctuations over the past few weeks, VRA could be crossing into its bullish cycle on the macroscale. A look at the 1-week chart reveals that the coin is attempting a breakout above a descending trendline lasting since 2021. The latest price range shows a potential clean breakout, and a confirmed higher low could strengthen the bullish structure.

According to crypto analyst Egrag Crypto on X, this move could resemble previous breakouts that have seen VRA rally as market sentiment tends to shift bullish. As VRA faces bearish pressure on the low timeframes, Long-term investors could be slowly accumulating their coins, thus leading to the current breakout on the higher timeframe.

The current bullish structure hints at a long-term bull cycle that could be fueled by investors “buying the dip” in anticipation of the long-term gains. Additionally, from the potential price reversal, retail sentiment could shift and thus strengthen VRA’s price recovery. With the whales noting the bullish macro-structure and diving in, retail could step in with a high buying volume in the coming weeks to speed up the bull rally. Traders are monitoring the market to note any steady change in open interest and whale activity that could signal this shift.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.