Can Verasity Reach its Range High? | Credit: Hameem Sarwar
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Key Takeaways
Verasity (VRA) trades above the middle of its range high.
The VRA price trades inside a short-term parallel channel.
Will VRA break out, and what is the next target if it does?
The VRA price increased 160% in November. It continued its momentum in the first week of December, reaching a high of $0.0081 before falling slightly.
Despite the decline, VRA found support in the middle of its long-term range and could soon attempt to move above the range high.
However, the VRA price first has to break out from its descending parallel channel to do so. Let’s analyze the price action and see how likely this is.
The weekly time frame chart shows that VRA bounced at the long-term horizontal support at $0.0025 in November and started upward, breaking out from a descending resistance trend line.
VRA reached a high of $0.0081 in December before falling slightly. Nevertheless, the price has regained most of its losses, creating a long lower wick (white icon).
The VRA price trades above the middle of its long-term range of $0.0025 – $0.0096 (white). As long as it does, an upward movement toward the range high is likely. VRA has to increase another 40% to reach it.
Technical indicators support the breakout. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) have both generated bullish divergences (green) and are increasing. The RSI is above 50, while the MACD is positive.
So, the weekly time frame price action and indicator readings suggest that a VRA increase toward the range high is likely.
VRA Correction Over
The daily time frame chart is bullish, aligning with the weekly one. According to the wave count, VRA is in wave three of a five-wave increase. Wave three has extended, and the sub-wave count is in black.
There is a lot of confluence for a local top at $0.0096. Besides being the range high, it is the 1.61 external Fibonacci retracement of wave four (black) and will give wave three 3.61 times the length of wave one (white).
After it reaches the target, the VRA price could begin a lengthier correction as part of wave four.
Range High Incoming
The weekly and daily VRA charts are bullish, implying that the price will reach the range of $0.0096, possibly creating a local top once it gets there.
If VRA breaks out above the range high, it could begin a parabolic upward movement toward new highs.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
