- Verasity price has jumped by over 233% from its December lows.
- FOMO has set in as the number of whale purchases rise.
Verasity coin price has finally woken up from a deep slumber as demand for sports and entertainment tokens rise. VRA, the network’s token, soared to a high of $0.0077 during the weekend. This was the highest level it has been since August 22 last year. According to Binance, Veracity has surged by 230% from its lowest point this year.
What is Verasity?
Verasity is a technology company that aims to disrupt the sports and entertainment industry. It pioneered a technology known as Proof-of-View (PoV), which makes it possible for advertisers to track video ads and eliminate fraud.
Verasity also owns VeraEsports, a platform that is a rival to Twitch that makes it possible for people to stream their games. These users can then use their blockchain to monetize their activity. However, a closer look at its network shows that VeraEsports has limited activity.
Other parts of Verasity are its VeraPlayer, Watch and Earn, and VeraVerse. VeraVerse is an NFT marketplace where people can mint and trade these NFTs.
There are several reasons why the Verasity price has done well in the past few days. First, activity in the network has been growing recently. In just a few days, the total number of Twitter followers has risen to over 277k. Most of these followers came recently.
Second, its popularity has led to more buyout by whales. Data by WhaleStats shows that VRA was the 8th biggest purchase by whales recently, with the average purchase being at $2,000. Third, the rebound of Verasity has led to the fear of missing out (FOMO). Historically day traders tend to jump in when a crypto or even stock starts going parabolic.
The other catalyst is the recent announcement that the Verasity physical card will be launched to the UK. This card makes it possible for people to spend their VRA tokens in physical stores.
Verasity price prediction
On Friday, I wrote at InvestingCube and warned that VRA price was getting overbought and that volume was retreating. I then warned that the coin would pullback as buyers start taking profits. This view did not materialise as the Verasity coin held steady.
On the 1D chart, it crossed the resistance at $0.0053, the highest point on November 5 and $0.0077, the highest level on August 12. Also, the 50-day and 100-day EMA are about to make a bullish crossover pattern.
Therefore, at this stage, Verasity coin could continue rising for a while. This view will only be confirmed if it moves above $0.0077. If it happens, it will likely rise to the key resistance a $0.010, which is about 50% above the current level.
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