Verasity’s native token VRA has seen a significant price increase of 83% since Sep. 27, following several bullish announcements from the platform. Verasity recently announced a burn event to remove 10 billion VRA tokens from circulation, capping the token’s circulating supply at 10 billion VRA. The project also announced the launch of its VRA/USDT perpetual futures contract on the Bybit exchange. The open interest for the contracts spiked, reaching nearly $4.4 million after the ByBit listing. The trading volume for the contracts crossed above 1 billion tokens within six hours of launch. The recent price rally has resulted in the token confirming a bullish technical pattern called the ‘Falling Wedge’. The target for the breakout is the maximum distance between the wedge’s upper and lower trendlines. The Verasity token price has rallied over 71% since breaking out to reach $0.0069 on Oct. 4 before correcting. The RSI for VRA remains overbought, with a score of 89.44 on the daily charts. Overbought RSI levels often precede a bearish reversal or a consolidation phase for the asset’s price action. If bulls fail to capitalize on the hype around the VRA token, bears could swoop in and push the Verasity token price to the 200-day SMA support near $0.0058. Failure of the immediate support might force the VRA price to test the support near $0.005 before recovering.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Asia
Countries
Sentiment	positive
Relevance Score	8
People	None
Companies	Falling Wedge, Bybit, Coinglass, 200-day SMA, Verasity
Currencies	MyBit, Ethereum, Bitcoin, Verasity, Tether
Securities	None