The price action for Verasity (VRA) for the most part of December and November has been bearish. After making a massive 240% rally in October, hitting highs of $0.876, the token entered a wide correction phase. It plunged to nearly $0.031, perhaps one of the most devastating corrections we saw this month. Here are some notable highlights:

• Verasity (VRA) has quite literally been on free-fall after hitting monthly highs in October, but it’s consolidating around $0.031.

• At the time of writing this article, VRA was selling at 0.038, down 4% in intraday trading.

• The coin is seeing a sharp increase in buyer demand around the $0.031 support, suggesting a rally is likely.

Data Source: Tradingview.com 

Verasity (VRA) – price action and predictions

Despite consolidating around $0.031, we have not seen any major breakout from VRA. Most of this week, the coin was testing the $0.04 resistance but is yet to break through and sustain gains above it. 

Data from Coinmarketcap.com also shows that 24-hour trading volume has tanked by nearly 30%. This could suggest that buyers are watching to see if an uptrend can take VRA above $0.04 before they enter. 

The good news is that the daily Relative Strength Index (RSI) is showing some recovery. At the time of writing, it was hovering around 47. It would be interesting to see how the price action will develop if RSI shoots above 50. But sadly, VRA is still below the 200-day EMA and will need to surge beyond that if any long rally is seen.

Should you buy Verasity (VRA) today?

Well, there is obviously a huge dip here. In fact, it can easily be argued that VRA has finally hit rock bottom. This means that downside risks are relatively lower. But there is still a lot of upward resistance to the price. It will take a bit longer for any bullish momentum to take hold. So, for long-term buys, VRA is a good choice.

BeIn Crypto takes a look at the seven altcoins that decreased the most over the past seven days, from Oct 29 to Nov 5. 

These altcoins are:

• SHIBA INU (SHIB) : -24.91%
• Celsius (CEL) : -13.27%
• Curve DAO Token (CRV) : -12.20%
• Verasity (VRA) : -11.97%
• 1inch Network (1INCH) : -11.56%
• Celer Network (CELR) : -9.33%
• Dogecoin (DOGE) : -8.80%

SHIB

SHIB has been moving downwards since it reached an all-time high price of $0.00008854 on Oct 28.  This led to a low of $0.000043 on Nov 42, which was a decrease of 52%.

The token seems to be trading inside a descending parallel channel. The aforementioned low was made at the support line of this channel.

Furthermore, both portions of the decrease had the same height. Therefore, it is possible that SHIB has reached a local low and will bounce. 

CEL

CEL has been decreasing since breaking down from a symmetrical triangle on Oct 27. The downward movement culminated with a low of $3.879 on Nov 4. This was only incrementally above the all-time low price of $3.83. 

However, CEL bounced at the $3.95 horizontal support area and created a long upper wick (green icon). As long as the token holds above this area, the potential for a bullish reversal remains valid. 

However, a breakdown below it would take the token to bearish price discovery, since there would be now support levels below it.

CRV

CRV has been increasing since breaking out from a descending resistance line on Oct 23. This was a sign that the correction that had been ongoing since April had come to an end.

The token increased considerably on Oct 25 and reached a high of $5.5 three days later. However, CRV has been moving downwards since, after creating a long upper wick with a magnitude of 13.30%. This is seen as a sign of selling pressure.

The closest support is at $3.63. This is the previous resistance area, which is now expected to provide support.

VRA

VRA has been moving upwards at an accelerated rate since Sept 29. This upward movement led to an all-time high price of $0.0874 on Nov 1. The high was made right at the 1.61 external Fib retracement level (black) when measuring the most recent drop. This level often acts as the local top after an all-time high is breached. 

VRA has been moving downwards since. The closest support levels are at $0.0547 and $0.047. These are the 0.382 and 0.5 Fib retracement support levels (white) and horizontal support areas.

1INCH

1INCH has been decreasing since reaching a high of $7.73 on Oct 27. The decrease created a very long upper wick with a magnitude of 35%. This is seen as a sign of selling pressure, since the higher prices could not be sustained. Furthermore, 1INCH barely failed to reach a new all-time high, falling short by only $0.14. 

The closest support area is at $4. This is the previous horizontal resistance area, which is now expected to act as support.

CELR

CELR has been decreasing since Sept 26, when it reached an all-time high price of $0.198. On Oct 3, it broke down from a parabolic ascending support line, indicating that the upward movement had come to an end. 

So far, it has reached a low of $0.107, doing so on Nov 5. 

The token is trading inside a descending wedge, which is considered a bullish pattern. This means that a breakout from the pattern is more likely than a breakdown. 

If one occurs, the closest resistance area would be at $0.15.

DOGE

On Oct 18, DOGE broke out from a descending resistance line, and returned to validate it as support on Oct 27 (green icon).

The next day, it increased significantly by creating a large bullish candlestick. 

However, it has been moving downwards since. 

The closest support level is near $0.22, created by an ascending support line. 

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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