- Verasity is a blockchain project in the esports and adtech industries.
- VRA has mostly jumped because of the strong performance of AI cryptocurrencies.
- It has now become extremely overbought, meaning a pullback is likely.
Verasity price has done well in 2023. VRA token soared to an all-time high of $0.01, meaning it has surged by over 395% from its lowest point in December. This rally has brought its total market cap to over $99 million, which is remarkable for a coin that was virtually unknown a few months ago.
What is Verasity and why is it soaring?
Verasity is a blockchain project in the video and entertainment space. The developers have created tools in the esports, adtech, and digital rights management industries. In the eSport industry, they have created VeraEsports, a platform at the intersection of gaming and crypto. People can watch and earn rewards, which they can redeem for cash.
Veracity’s adtech is about VeraViews, which is solving the ad-fraud problem in the industry. It uses its patented proof-of-views to ensure that advertisers pay for real engagements. The product was recently featured by Forbes. It is patented in the US, South Korea, China, Hong Kong, and Eurasia.
There are several reasons why the Verasity price has jumped. First, the rally is in sync with other artificial intelligence-aligned cryptocurrencies like Singularity’s AGIX, Fetch.ai, and Artificial Liquid Intelligence (ALI) among others. These tokens have done well because of the recent popularity of ChatGPT.
Further, Verasity has gotten more popular recently. For example, its Twitter followers have jumped from less than 30k in January to over 281k. And the number is increasing every day. Also, VRA has become one of the top trending coins in various platforms like CoinMarketCap and StockTwits. Historically, this popularity leads to more interest and inflows into the coin.
Notably, most of Verasity’s trading is happening in KuCoin, the South Korean crypto exchange. According to CMC, the exchange is handling over 65% of all VRA’s volume. It is followed by Gate.io and Bithumb.
Verasity price prediction
In my last VRA forecast, I predicted that it would jump by about 50%. The 4H chart shows that the VRA crypto price has been in a strong bullish trend in the past few months. It recently moved above the bullish flag pattern shown in red. Also, it rose above the important resistance level at $0.0076, the highest point on August 11.
The coin is also being supported by all moving averages and momentum indicators. However, volume has dropped from its highest point on January 20. Therefore, with Verasity being highly overbought, there is a likelihood that it will retreat to the support at $0.0076 in the coming days.
