Should you buy the dip in Verasity?
Verasity (VRA/USD) was trading over 2% lower on Saturday as the sell-off deepened. Verasity is now trading over 70% lower than its all-time high which it hit in November, and many investors are now stuck due to the huge fall. Verasity provides rewarded video player technology to major publishers and game developers worldwide. The patent-pending technology enables tokenized rewards as well as loyalty schemes within a video player wallet.
VRA is showing no signs of recovering anytime soon and is continuously breaking crucial supports. Veracity saw a huge sharp rally in October, however, it was not able to sustain above the resistance and thus fell sharply in November and December. VRA was trading over 2% lower on Monday and was showing no signs of a reversal even as it broke through crucial support which was showing the bears were still well in control.
Thus investors are now whether they should buy the dip in Verasity.
Here is what the charts are pointing towards-
VRA has been falling sharply since November and has failed to reverse at multiple support levels which shows that the bears are well in control and bulls are nowhere to be seen.
Strong support can be seen at $0.0255, VRA breakthrough the support this week and has also formed bearish candles on Sunday and Monday, thus investors should not take and long positions until it is able to break back above the support zone.
The RSI is almost at the oversold zone thus it is looking like a retest will be seen soon.
VRA has also formed a head and shoulder pattern thus investors should avoid any long entries below the support zone.