Binance Backs Virtua (TVK) Rebranding as Ape, Backfires on Project
These days, when the crypto market is active with bullish expectations, the initiatives of the projects attract attention. Crypto projects have started taking advantage of the bullish sentiment and taking advantage of various initiatives.
Merit Circle, one of Binance’s Launchpool projects, recorded a growth of nearly 50 percent after rebranding under the name BEAM. Another rebranding came from Virtua. Binance announced that it will support Virtua’s rebranding as Waner. Like Merit Circle, Virtua also has the potential to experience growth.
The power behind it is Virtua (TVK)
Metaverse project Virtua (TVK) announced that it will launch a layer-1 blockchain and rebrand. Virtua will rebrand as VANARY to highlight its Layer-1 blockchain and strengthen its metaverse architecture. During the day, Binance announced that it would support the rebranding of Virtua.
Taking action with the Binance announcement, TVK rose from $0.048 to $0.054. Noting an increase of nearly 15 percent, TVK sounded the alarm over potential growth.
TVK is expecting around 50 percent growth with its rebranding and blockchain initiatives. This potential growth can be attributed to the Circle of Merit. Merit Circle rebranded as BEAM and experienced 50 percent growth in a short period of time.
TVK, which has a market cap of $60 million, could continue to rise if the markets remain positive.
According to Binance’s announcement, Virtua will be relisted under the name Ape after November 27. The token of the project will be VANARY. Additionally, Virtua aims to build a faster blockchain.
Based on strong arguments, TVK may continue its uptrend as long as the market remains positive and above $0.5162. TVK may continue a strong rise towards the $0.05509 resistance. Breaking this resistance point could push TVK price to $0.05782. $0.05782 stands as an important resistance point. Break of $0.05782 could trigger a sharp rise to the resistance level of $0.06529. TVK breaking the key resistance at $0.06529 could push the price to $0.08407.
This growth is in a potential state. Binance’s support, new initiatives and increase in social activities of the project stand out as important factors.
On the other hand, negative market sentiment may lead to a decline in TVK. TVK, which has currently risen from the $0.020 level to the $0.051 area, may test the support points if it faces selling pressure. While $0.04660 stands as nearby support, $0.04313 comes alongside it. If these two support points are lost, TVK may retrace to the key support point at $0.03410.