Verasity price: can VRA capitalise on nearly 3M tweets?

VRA was trending with nearly 3 million tweets on Tuesday morning, top trending on CT ahead of Render (RNDR), Pepe (PEPE) and XRP(XRP).
Verasity (VRA) is a blockchain-based platform seeking to revolutionise the video ads industry.
The price of VRA was up 3% at the time of writing, trading around $0.0044.

Verasity (VRA) price has increased by about 3% in the past 24 hours as bulls look to push it to above $0.004. Trading volumes have jumped 28% in the same period as demand sees over $5.6 million worth of VRA traded across exchanges.

VRA, an altcoin with a circulating supply of 10 billion tokens, is currently valued at a market cap of $45.6 million.

But as Verasity price looks to test resistance at key levels, it is notable that the coin remains more than 94% down from its all-time highs above $0.086 reached in November 2021. The question is whether bulls can ride current sentiment to target recent highs of $0.008.

VRA trends with nearly 3 million tweets

Verasity, a blockchain-based platform that aims to revolutionise the video industry by solving the problems of ad fraud, low engagement, and lack of transparency, went ballistic on Twitter on Monday as the VRA token trended with record tweets.

While no major news or event was seemingly the catalyst, sentiment continued until VRA was trending with nearly 3 million tweets as of 3 am ET on Tuesday. VRA was the top trending cryptocurrency on CT ahead of Render (RNDR), Pepe (PEPE) and XRP(XRP).

Here is one observation of the hot VRA streak on Twitter today:

👀 $VRA is trending 🔥🔥🚀🚀🚀nearly to 3M #Verasity #PoV #VRA #adfraud @verasitytech @Vera_Views pic.twitter.com/SaHdDUGTeX

— CryptoAnalyst 🥇 (@RakeshLovesY) May 23, 2023

Part of the excitement is Verasity’s growing impact on the ads market, with the platform featured in a Binance Research article that highlighted its artificial intelligence and machine learning powered capabilities.

As CoinJournal highlighted in this article, Verasity wants to power the future of advertising.

The platform offers its patented Proof-of-View (PoV) technology to companies where a combination of artificial intelligence (AI), blockchain, and gaming mechanics helps ensure fraud-free ad views. This is because advertisers want to reward genuine viewers for their attention via the Watch and Earn feature, and VeraViews offers that.

4/14) Our AI & ML based systems give #VeraViews the ability to detect bots & anomalies at scale. 🤖

These technologies can analyse large amounts of advertising campaign data and identify patterns & behaviours that are abnormal, giving vastly more accurate campaign statistics…

— Verasity (@verasitytech) May 22, 2023

And with partnerships looking to take the VRA use cases across other ecosystems such as the metaverse and NFTs, the jump in Verasity demand is beginning to tell. Activity can also be seen in the number of Twitter following, which currently stands at over 295k.

Verasity price: can bulls take advantage?

VRA price has found it difficult to break from an increasingly tight range after falling from highs of $0.008 in April. The token is near oversold territory after a recent pullback and retest.

As can be seen on the daily chart, VRA/USD has bounced off a long term support level at $0.0043. If bulls take advantage of current sentiment and push higher, we can see VRA price target a previous resistance turned support line at $0.0050. The 50 and 100 day moving averages provide next hurdles at $0.0058 and $0.0064.

On the downside, the price of Verasity could continue towards the primary support zone at $0.0035. Further losses from here could see sellers target $0.0021, which would mean declines of 50% or more from current price levels.