Verasity (VRA) experienced a significant rally today, surging as high as 45% and breaking out of a bullish pattern following the announcement of new partnerships. This surge in price comes at a time when the broader cryptocurrency market is experiencing a downturn, with major coins like Ethereum, Solana, Dogecoin, and Cardano dropping by 1-4%.
VRA’s strong performance has made it the top gainer among the top 1,000 cryptocurrencies listed on CoinGecko. Despite the market downturn, VRA managed to reach an intraday high of $0.0032, marking a total gain of over 250% since hitting its monthly low. This surge has lifted VRA’s market cap above $30 million, with daily trading volume also experiencing a significant increase.
The price rally was accompanied by a notable increase in futures open interest, which reached an all-time high of $25 million. Additionally, the funding rates for VRA have been consistently positive over the past four days, indicating a bullish sentiment among traders.
Verasity, launched in May 2018, is a blockchain-based platform focused on video monetization and combating ad fraud through its patented Proof of View (PoV) technology. The platform uses the VRA token as its primary currency, allowing users and creators to earn rewards, access premium content, and facilitate secure transactions across video and gaming platforms.
The recent surge in VRA’s price can be attributed to new partnerships that have sparked renewed investor interest. On May 5, Verasity announced a partnership with SoonChain, an AI-powered gaming Layer 2 platform, to integrate Verasity’s VeraPlayer for its video content economy. Additionally, a partnership with MAIV, an RWA platform, was announced on May 2, further boosting investor confidence in VRA.
Traders are also eagerly anticipating a potential listing of VRA on Binance, adding to the excitement surrounding the token. Technical analysis of VRA’s price action shows that the token has broken out of a multi-week ascending triangle pattern, signaling a bullish continuation. The Chaikin Money Flow and Supertrend indicators also suggest positive momentum for VRA.
With a golden cross formation on the daily chart and the potential to test the $0.0037 resistance level, analysts are optimistic about VRA’s prospects. If VRA can hold above the key breakout level of $0.0025, it could target its previous all-time high, representing a significant gain for investors.
However, the success of VRA’s rally will depend on Bitcoin’s price movements, as broader altcoin rallies are often influenced by Bitcoin’s dominance in the market. Investors should exercise caution and conduct their own research before making any investment decisions.