Home
News
- 1 The VARA Network price hovers near the trendline support zone of $0.09100.
- 2 Technical indicators are suggesting a reversal ahead.
The VARA price has retested the trendline support zone of $0.09100 and remained close to the 20-day EMA support zone. Amidst the broad market negative sentiment, the token has regressed only by 18% this week and stayed above the neutral region. Furthermore, the token has displayed a rising parallel channel on the charts. If the token succeeds in holding gains above $0.09000, the short covering may trigger and will soon retain the upside of the $0.09400 mark.
At press time, the Vara Network token (VARA) price traded at $0.09105 with an intraday drop of 8.19%, reflecting neutrality on the charts. It has a monthly return ratio of 17.89% and 24.33% on a yearly basis. The pair of VARA/BTC is at 0.00000144 BTC, and the market cap is $232.52 Million. Analysts are neutral and suggest that the VARA token may gain momentum and will soon retain the upside region of $0.09500.
VARA Price-to-Volume Profile on Daily Timeframe
The above chart showcases the price volume profile of the Vara Network token, which signifies the higher tops and higher bottom structure. However, the price action highlights the retracement, and the token has retested its trendline support zone of the $0.09100 mark. The token is trading close to the 20-day EMA support and may gain momentum shortly. The intraday trading volume dropped over 32.76% to $1.15 million, revealing low investor interest.
Price Volatility and Weighted Sentiment Outlook
The price volatility curve replicated a downove and stayed below the midline. In the intraday session, the curve dragged over by 20.23% to 0.019, highlighting lower investor interest. Moreover, the weighted sentiment value stayed below the midline region, around the -0.311 mark.
Social Dominance and Active Social Users Insights
The Social Dominance data noted a follow-on decline, which decreased from 86.40% to 0.004%, and a significant decline in the discussion reports. Similarly, the active social users on the telegram platform noted a cut of over 32.89% to 3162.
What Does Whale Activity and RSI, MACD Indicate?
Per the Santiment data, the percent of stablecoin total supply held by the whales noted an incremental view, jumping over by 2.78% to 52.94, implying a positive outlook. The RSI curve stayed close to the midline region, but a negative crossover was noted on the charts.
The MACD indicator shows a bearish crossover and red bars on the histogram, implying bearishness on the charts.
Per the Fib levels, the CEL price has slipped to its 23.6% zone and below the mid Bollinger Band support zone.
The total supply of the VARA token is 10 Billion, whereas the volume-to-market cap ratio is 0.00495, ranked 2198 in terms of market cap in the global crypto market.
Summary
The Vara Network (VARA) price trades near its trendline support zone of $0.09000 and anticipates a rebound ahead. Moreover, the trend is intact, and the token may gain pace and will outperform ahead.
Technical Levels
Support Levels: $0.09000 and $0.08800
Resistance Levels: $0.09300 and $0.09500
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
