Vara Network’s native token, VARA, has experienced an impressive 60% increase in value in the past day, capturing the attention of both investors and traders. This significant price surge has positioned Vara crypto as one of the top performers in the current market environment.
With a notable uptick in trading activity and strong technical indicators, there is potential for further growth in the price of VARA.
Breaking Through Resistance Levels
Over the last 24 hours, Vara crypto’s price has surged from $0.022 to $0.031, fuelled by a substantial increase in trading volume, which has reached an impressive 132.36 million tokens.
Data from CoinMarketCap indicates a sharp upward trajectory in market capitalization, breaking through the crucial $0.025 resistance level. The market capitalization has surged by over 40% within the past day, currently standing at approximately $20 million. This breakout signifies a shift towards a bullish market sentiment for VARA.
Technical analysis on TradingView supports this rally, with the RSI currently at 76.52, indicating overbought conditions and confirming a strong bullish momentum. Additionally, the MACD histogram has shown significant expansion, reflecting heightened buying pressure. Furthermore, there are signs of a Golden Cross formation, where the 50-day Simple Moving Average (SMA) is close to crossing above the 200-day SMA on the smaller timeframes.
Surge in Trading Volume
Vara crypto has witnessed a remarkable surge in trading volume, hitting a record high of $12.71 million over the past week. This substantial increase in volume underscores robust market participation and validates the current upward trend.
However, the social volume for VARA has not shown the same level of enthusiasm in recent days. Analysis of its social volume on Santiment reveals that it has remained relatively low, not surpassing one over the past three days.
Future Momentum for Vara Crypto
Looking ahead, VARA faces immediate resistance at $0.035, followed by a significant level at $0.040. Should there be a pullback, support levels at $0.028 and $0.025 could serve as a buffer.
If VARA can maintain its current momentum and break above $0.035, it could pave the way for a potential rally towards $0.050 in the upcoming weeks.
The presence of a “Golden Cross” formation and an increasing RSI indicate that the bullish trend for VARA is ongoing. Nonetheless, traders should be mindful of profit-taking at higher levels, which may result in short-term price volatility.