Verasity Faces Crucial Support Level at $0.00374: Will Bears Push Further?

Verasity (VRA) is currently showing a crucial trend against the US Dollar (USD) as it hovers below the key level of $0.0047 as highlighted by Crypto Tony, a top analyst. This level is essential for bullish entries, but the bears maintain control at the moment. Analyzing the daily price trend of Verasity against Tether (USDT) on KuCoin from late 2023 to mid-2024, significant patterns and critical price points that dictate the market sentiment are observed.

The overall trend indicates a clear downtrend beginning in early March 2024, where the price peaked at approximately $0.01700. Since this peak, Verasity has been experiencing a series of lower highs and lower lows, suggesting sustained bearish momentum. Currently, VRA/USDT is trading at $0.00382, marking a critical low in this downtrend.

The immediate support level is around $0.00374, representing the lowest price reached in the recent decline. If the price breaks below this support, further declines could follow. The secondary support level is approximately $0.00324, which would be the next logical target for bears if the current support fails to hold.

On the resistance side, the nearest level is around $0.00410. This level was a previous support in late May and early June 2024 but has now turned into resistance. Breaking above this level could signal a potential short-term reversal. 

The next significant resistance is around $0.00530, which served as support in early May and as resistance in mid-May. A break above this level would indicate a stronger bullish reversal. 

Additionally, the major resistance level is around $0.00700. This level was a significant support in March and April 2024 before the downtrend intensified. Breaking this level would suggest a strong bullish trend reversal.

As at presstime, the live Verasity price is $0.003834 with a 24-hour trading volume of $8,540,170. Verasity is down 1.87% in the last 24 hours. The 1-week RSI stands at 37.88, indicating that the stock may be approaching oversold levels. This could signal a buying opportunity for traders looking to enter the market. Additionally, the 1-day MACD trading below the signal line suggests a short-term dip in price.