• 28 May, 2024
Markets News

Analyst Predicts Bullish Run for Verasity (VRA), Eyes 500% Uptick

Egrag Crypto, a prominent figure in the crypto analysis community, has recently shed light on Verasity (VRA), indicating a potential bullish trend on the horizon. According to Egrag Crypto’s analysis, VRA is currently hovering around the Fib 0.236 support line, displaying a historical pattern of bouncing off this level. 

This occurrence has transpired four times on the daily timeframe, suggesting a robust support zone for the cryptocurrency. With VRA trading at $0.005776 and a 24-hour volume of $9,326,221, Egrag Crypto anticipates a significant upward movement in the near future.

Transitioning into the technical indicators, the Relative Strength Index (RSI) on the 4-hour price chart registers at 41.57, indicating a potential oversold condition in the market. This situation often precedes a reversal or price bounce, prompting traders to closely monitor VRA’s movements for potential buying opportunities. 

Source: TradingView

Besides, the current value of the Moving Average Convergence Divergence (MACD) which stands at -0.00010 implies a waning downward trend that may soon change towards a slow but definite uptrend that gradually increases volume, signaling imminent strength of bullish momentum. Hence, such traders are advised to be careful and watch closely for the indicators to confirm the reversal of the trend.

Egrag Crypto’s analysis predicts potential price targets for VRA’s upcoming uptrend, suggesting a bounce towards Fibonacci levels 0.618, 0.702, and 0.786, indicating a range between $0.020 and $0.04. This analysis implies a significant 500% increase, which seems both feasible and highly probable.

Moreover, looking at past data, similar price surges were observed in January 2023, indicating VRA’s potential to yield substantial returns in a short span. However, it’s essential to recognize that while the initial bounce might signal the start of an upward trend, subsequent upward movements are expected to continue, driving VRA to even higher price points.

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