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Is Veracity Set to Continue its Upwards Trend?
In just the last four days, Veracity, a promising cryptocurrency project, has seen an astonishing rise of nearly 77%. This sudden surge and the projected momentum have left many speculators wondering: what’s causing this rally and is it likely to sustain? The aim of this article is to examine the various aspects that have contributed to Veracity’s recent upswing and to provide some critical insight before deciding to invest in this trending crypto.
What’s Behind Veracity’s Stratospheric Rise?
One of the key triggers behind Veracity’s current bullish trend is its recent community-led decision to burn 50% of its maximum supply. Cryptocurrency burns, where a portion of the coin supply is effectively taken out of circulation, tend to create a scarcity effect that drives up the price of the remaining coins.
Veracity is an exciting crypto project that aims to tackle some very niche areas in the rapidly evolving digital space. One of its primary use cases includes creating an open ledger advertising ecosystem built around its patented Proof-of-View (PoV) technology. This is aimed at addressing the increasing challenge of fraudulent clicks in online advertising – a problem that costs businesses billions of dollars each year.
A Dual Focus Project
In addition to this, Veracity is also making strides within the Esports industry, an exponentially growing market projected to hit a valuation of $3.96 billion by 2023, reaching up to $5.43 billion by 2027. The combination of these distinct but massive markets facilitates a broad and potentially profitable scope for Veracity, thereby piquing investors’ interests in the project.
Understanding the Fear of Missing Out (FOMO)
Witnessing a sudden spike in a cryptocurrency often triggers a FOMO reaction within investors. They might hastily buy into the rallying coin, fearing they might otherwise miss the boat. However, doing so without conducting a comprehensive analysis could be risky. Tip: Use analytics tools to study those who were acquiring Veracity eight to nine days before the pump initiated. This could help uncover potential market trends and make more informed decisions.
Patience: The Key to Wise Investing
When a coin, such as Veracity, experiences a rapid rise, the risk associated with investment increases. The quicker the rise, the more probable a subsequent aggressive pullback. Therefore, investors should be patient and refrain from making impulsive decisions.
Instead, savvy investors should look for “Buy Zones”. These zones are areas of consolidation on a coin price chart, points at which big money bought in before a price rally. Thus, expecting a coin to revert to this zone is a sound strategy.
For example, if we consider Veracity’s price trend, we can see areas of sideways action and sell-offs. Some could argue that Veracity could pull back to those areas before the next rally.
The Outlook for Veracity
As of now, Veracity is valued at approximately $660 million, with a noteworthy circulating supply. While news about Veracity has been positive and has stirred a significant price rally, a critical factor for potential investors to remember is that the risk of a downturn increases the longer and higher a coin rallies. Therefore, potential investors should brace themselves for a correction following Veracity’s steep surge.
While Veracity surely appears as an exciting project with promising growth potential, it should not warrant a reckless investment based on FOMO. Instead, keen investors should carefully analyze the market trends, study the coin’s movements, and be patient for an ideal entry point to materialize. Diversifying the investment portfolio and utilizing analytics platforms can also prove beneficial in making informed and cautious investment decisions.
Cryptocurrency trading and investment are challenging and risky, and it’s essential to utilize effective risk management strategies, such as avoiding FOMO-induced decisions and keenly observing market trends. Though the crypto space is volatile, with careful analysis, thorough research, and a little patience, it also offers exciting potential for impressive returns.