The VARA token price has successfully maintained positive momentum above key moving averages, signifying bullish tendencies in the market. Buyers have demonstrated strength by continuing to accumulate tokens despite recent market fluctuations.
The VARA price has shown resilience in the bullish region and has consistently formed higher highs. The price action remains bullish, with the token staying above important moving averages. Moreover, bulls have shown a willingness to accumulate the token and push the price beyond the $0.1500 threshold.
Currently, the Vara Network token (VARA) is trading at $0.1100, reflecting a 6.40% increase for the day. The token has experienced a monthly return of 12.90% and a yearly return of 36.89%. The VARA/BTC pair is trading at 0.00000166 BTC, with a market cap of $280.89 million. Analysts remain optimistic about the future price movement of the VARA token, anticipating further gains that could potentially exceed the $0.1600 level.
VARA Price-to-Volume Profile Revealing Bullish Dominance
The price-to-volume profile of the Vara Network depicted in the chart confirms the bullish sentiment surrounding the token. Despite market volatility, the token has sustained its upward momentum and held onto gains, forming a rising channel on the charts. Intraday trading volume has increased by over 45.67%, indicating growing investor interest.
Price Volatility and Sentiment Analysis
Following a surge in price, the token exhibited volatile swings, with sharp fluctuations in the volatile curve. Intraday volatility was measured at 0.034, signifying average movement over the past 24 hours. The overall weighted sentiment remained neutral, settling around 0.038.
Social Dominance and Active Users Outlook
Social dominance, as per Santiment data, experienced a significant increase, reaching 0.187% and showing a positive outlook. However, the number of active users (X users) witnessed a consistent decline, dropping to 1831, representing a decline of over 96% for the week.
The VARA price has surpassed the 50% Fibonacci level and is trading near the upper Bollinger band support zone. The RSI curve remains in the overbought zone, indicating a positive divergence in the charts.
The total supply of VARA tokens is 10 billion, with a volume-to-market cap ratio of 0.0112, translating to 2216 per the market cap in the global crypto market.
Summary
The Vara Network price has maintained its bullish trajectory, forming higher highs and attracting buyer interest. The uptrend is expected to continue within the rising parallel channel, with a potential target of $0.1500.
Technical Levels
Support Levels: $0.1000 and $0.0960
Resistance Levels: $0.1300 and $0.1500
Disclaimer
The opinions expressed by the author and others in this article are for informational purposes only and should not be considered financial or investment advice.
