Verasity has been one of the best performing coins in recent weeks, having increased by 6x since November 20. However, it began to retrace on December 1. A small decrease is likely before the price makes a final upward wave.
The coin has only been around since May and has experienced significant volatility in several occasions.
Full-time trader @CryptoMichNL stated that the Verasity (VRA) price has reached several of its targets since breaking out above the downtrend line. Additionally, if the support area at 1200 satoshis holds, we could see a movement towards 3000 satoshis occurring in the near future.
That's target hit for 151% here.
Would be interesting to see whether purple (lower one) holds as support.
If so, we might see another push upwards to the 3000 area. pic.twitter.com/FhqQpRsVxm
— Crypto Michaël (@CryptoMichNL) December 2, 2019
Is the extremely steep current upward move sustainable? How much will the price increase if it does? Let us know in the comments below.
On November 20, the VRA price made a low of 307 satoshis. It began an upward move shortly afterward, and in a span of 11 days increased by a massive 505%, reaching a high of 1876 satoshis on December 1.
The price has been decreasing on December 2, but the decrease has been contained within the body of the previous bullish candlestick. This suggests that the upward trend is still intact.
When zooming out slightly, we can see a minor support area at 1200 satoshis. Additionally, there is another very significant support area at 800 satoshis.
Also, we can see the importance of the 1800 resistance area, which marked the top of the upward move in June 2019.
Outlining a possible five-wave Elliott formation, we can find it likely that the price is currently in the fourth wave, which is corrective.
Based on the length of the wave, the price can make a final fifth wave of at least 2800 satoshis, and possibly reach 4000 satoshis near the all-time high.
To conclude, the VRA price has likely initiated an upward cycle. However, it has possibly finished the majority of it. After the current retracement comes to an end, we could see a final upward wave towards 2800 satoshis and above.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Images courtesy of Shutterstock, TradingView, Twitter.
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Source: Be In Crypto