Verasity (VRA) Holds Key Support Level as Bullish Signals Begin to Emerge

Key Takeaways

• Descending wedge nearing completion.
• RSI showing potential bullish divergence.
• Key support zone holding at $0.0020.
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Verasity (VRA) is approaching a critical juncture after a prolonged downtrend. The higher-time frame chart suggests completing a five-wave impulse followed by an extended correction in a descending wedge.

The lower-time frame analysis hints at potential bottoming with a possible breakout scenario.

VRA Price Analysis

The 4-hour chart of VRA displays a classic Elliott Wave structure. An impulsive five-wave move peaking on Dec. 3, 2024, at $0.0080, was followed by a prolonged corrective phase.

The price action has been confined within a descending wedge, indicating a possible accumulation phase before a breakout.

The latest wave count suggests that VRA has been completing an extended ABCDE correction, with wave (e) reaching the lower boundary of the wedge at $0.0020.

The green support zone between $0.0020 and $0.0024 represents a historically significant accumulation area.

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A break below this level could trigger further downside, but if buyers step in, the price may attempt to break out of the upper boundary of the wedge, currently at around $0.0022.

The Relative Strength Index (RSI) on the 4-hour chart hovers near oversold conditions, suggesting that bearish momentum may weaken.

A reversal from this point could confirm the end of wave (e) and the start of a new bullish cycle.

VRA Price Prediction

The 1-hour chart provides a closer look at potential price action scenarios. A decisive breakout above the descending wedge resistance could trigger a bullish impulse.

If wave (e) has concluded, VRA could enter a new five-wave impulsive structure targeting key Fibonacci extensions.

In a bullish scenario, an initial breakout above $0.0026 would confirm strength, pushing the price toward $0.00345, where major resistance lies.

Alternatively, a bearish breakdown could see the price revisiting lower Fibonacci retracements at $0.00157 and $0.00131 before finding support.

Given that the RSI is recovering from oversold conditions, momentum could favor the upside if buying volume increases.

Overall, VRA is at a critical decision point, and the next major move depends on whether the descending wedge breaks upward or downward. Confirmation of a breakout would provide better clarity on trend direction.

Key Levels to Watch

• Immediate Resistance: $0.0022 (descending wedge breakout).
• Key Resistance: $0.00345 (major horizontal resistance).
• Short-Term Target: $0.00267 (bullish confirmation).
• Immediate Support: $0.0020 (historical accumulation zone).
• Critical Support: $0.00157 (0.5 Fibonacci extension).
• Invalidation Level: Below $0.00131 (0.618 Fibonacci extension).