The token Verasity shows interesting signs and potential for a transition to a bull cycle after its price broke through an essential resistance.
Overview of Verasity and Proof-of-View Mechanism
Verasity is a blockchain protocol that utilizes the Proof-of-View mechanism to enhance transparency in video entertainment, preventing advertising fraud through aspects like fake views and engagement.
Current Market Situation for VRA
As of writing, the network's native token VRA is trading at $0.001054, an 8.71% decrease over the past 24 hours. Despite the prevailing bearish trend and price fluctuations in recent weeks, VRA might be entering its bullish cycle. Weekly chart analysis reveals a breakout above a descending trendline that has existed since 2021.
Outlook and Analyst Opinions
According to a crypto analyst, this move could mirror previous breakouts leading to VRA rallies as market sentiment shifts bullish. Long-term investors might start accumulating their coins, contributing to the current breakout on higher timeframes. Monitoring changes in open interest and whale activity may signal shifts in market sentiment.
The current bullish structure suggests a potential long-term bull cycle, which could be supported by retail investor actions and accumulation by large investors.
