Verasity (VRA) Needs to Reclaim $0.01 After Massive Retracement According to Michaël van de Poppe – Here’s His Outlook
VRA coin, the native token of Verra blockchain protocol, saw its price hit yearly-highs of $0.01 back in February. However, according to top analyst Michaël van de Poppe, the coin has been stuck in an accumulation phase after that peak.
In today’s tweet, van de Poppe noted that VRA is currently holding above a key support level after a massive retracement. He believes that if VRA can maintain this position, it could pave the way for a renewed surge, although he did not specify an exact price target.
“I’d prefer to see it hold in this green zone after a massive retrace (often an occurrence in the current market circumstances). If this holds, I’ll be expecting a renewed rally towards $0.01.”
VRA rallied to over $0.01 back in February. However, it has since declined significantly and remained rangebound between $0.003 and $0.007 for the last several months, unable to regain its previous momentum.
This range is a key area for VRA in the short-term. As long as VRA can hold support at around $0.0035, he sees potential for a trend reversal. However, breaking below this level could see VRA drop towards lower support around $0.003.
The Verra protocol allows content creators to mint NFTs with proof of ownership to fight piracy. VRA adoption has grown steadily, but the token price has stagnated in recent months amid the crypto downturn.
Analysts remain divided on whether VRA can recover back to its February highs any time soon. But van de Poppe and others believe the project has long-term potential if it can stabilize in the current range before making a move upwards. For now, VRA appears trapped in accumulation mode unless it can gain momentum above $0.007.
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