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- 1 The Vara Network crypto price is currently trading at $0.09683 with a drop of 4.31% in the last 24 hours, and it has a market cap of $40.50 Million.
- 2 VARA crypto’s price decreased by 4.31% over the past trading session.
Vara emerges as the pioneering independent network within the Gear Protocol ecosystem. Inaugurated in 2021, Gear Protocol is a revolutionary cloud infrastructure platform that offers a seamless and user-friendly environment for developers from both web2 and web3 domains to engineer sophisticated infrastructure solutions and groundbreaking decentralized applications suitable for any ecosystem.
The Vara Network cryptocurrency is currently experiencing strong bearish pressure on its daily technical charts, trading below the 100 and 50-day EMA. Despite several attempts by buyers, the crypto has failed to break above key resistance levels near the EMAs over the past few months.
Currently, the crypto is trading near crucial support levels and has a potential upside target of $0.12000, but it must overcome the bearish momentum and surge above the 50-day EMA. It also has a support level of $0.07000, which could prevent further upside.
Vara Network price predictions indicate that the crypto is currently in the firm grip of the bears and must show some signs of reversal before confirming a bearish trend.
The technical indicators support the bearish perspective, with the RSI and stochastic RSI oscillators moving near the overbought zone and the major EMA lines acting as barrier points for the VARA price.
Technical Analysis of the Vara Network Crypto Price in 1-D Timeframe
VARA by writer12_gsm on TradingView.com
The technical charts of Vara Network crypto reveal that the sellers have been dominant. The crypto has been on a downward trend, as it has broken below the key EMAs. The technical indicators also confirm the bearish sentiment.
Vara Network crypto (USD: VARA) is trading under the 50 and 100-day DMAs (Daily moving averages), not upholding the price trend.
The current value of RSI is 47.76 points. The 14 SMA is above the median line at 53.69 points, which indicates that the Vara Network crypto is bearish.
The MACD line at 0.00306 and the signal line at 0.00489 are above the zero line. A bearish crossover is observed in the MACD indicator, which signals more bearishness for the VARA crypto price.
Summary
Vara Network is an independent network within the Gear Protocol ecosystem, a cloud infrastructure platform for developing decentralized applications. However, Vara Network cryptocurrency is currently going through a bearish trend, trading below the 100 and 50-day EMA, and is facing resistance levels near the EMAs. The technical indicators suggest a bearish trend as the RSI and stochastic RSI oscillators move near the overbought zone, and the major EMA lines act as barrier points for the VARA price. The MACD indicator also signals more bearishness for the VARA crypto price.
Technical Levels
Support Levels: The Vara Network crypto price may find support at $0.08709 and $0.08000, where it could bounce back or stabilize.
Resistance levels: The VARA crypto price may face resistance at $0.10247 and $0.11000, where it could reverse or consolidate.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
