Vara (VARA) Coin remains in a downward spiral for the fifth consecutive day. During this time, the price has tanked 59% from its peak, which can be due to the negative Bitcoin price action. The native crypto coin of the Vara ecosystem is changing hands at $0.133. The crypto asset is down 9.9% for the day.
On Monday, Bitcoin price came under bearish pressure after the largest cryptocurrency started the week off by dropping below $26,000. Since Bitcoin’s movement dictates the price action for altcoins, the bearish sentiment rippled into the price of some altcoins like VARA crypto.
VARA Network’s main aim is to provide a smooth transition to its users from Web2 infrastructure to Web3 while relying on blockchain technology. Alongside providing a user and developer-friendly environment, VARA will also encourage transparency with the in-game transactions and ensure secure ownership of in-game assets.
The total token supply for VARA crypto is said to be around 10 billion, which is split among 4 groups. Around 35.5% of the token supply is expected to be controlled by the community, while 23% will be used for the foundation and the VARA blockchain. The remaining 21.5% and 20% will be in control of the private investors and the developers, respectively.
Due to the VARA coin being launched just last week, there is very little price history available to perform a detailed technical analysis. However, the recent correction may end soon if the Bitcoin price gains momentum in the coming days.
A fib analysis of the chart reveals a potential bearish target of $0.08. This bearish target lies at the 1.618 fib retracement level. VARA crypto price prediction can flip bullish only if the price breaks above the downward trendline drawn in the chart above.
This post was last modified on Sep 25, 2023, 14:59 BST 14:59