Civic (CVC) price analysis: is now a good time to buy this cryptocurrency?

By: Stanko Iliev
Stanko Iliev
Stanko dedicates himself to providing investors with relevant information they can use to make investment decisions. He loves the… read more.
on Sep 17, 2021
  • Civic (CVC) has extended its correction from the recent highs above $1
  • Civic offers global identity verification support for more than four thousand documents across 195 countries
  • Civic uses a digital identity as a gateway for decentralized finance

Civic CVC/USD remains under pressure; the price of this cryptocurrency fell from $1.03 to $0.40 since 5th September 2021, and the current price stands around $0.55.

Fundamental analysis: Civic allows users to verify the use of their identities in real-time

Civic is a project that is focused on real-world applications of its blockchain-powered technology, and it was founded in 2015 by entrepreneurs Vinny Lingham and Jonathan Smith. Civic for DeFi is designed to scale with your business with peace of mind knowing that other participants have been vetted and that compliance is a priority.

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Civic uses a digital identity as a gateway for decentralized finance on the Solana blockchain with faster and more accurate verification. Civic enables dApp developers to set requirements for vetting counterparties and offers global identity verification support for more than four thousand documents across 195 countries.

Customers are able to complete verification in minutes from a mobile device, while the most common methods include: phone number verification, biometrics check, and age verification. There are already many projects that are using this blockchain identity verification technology, and according to the latest news, Civic will start to collaborate with Black Fire Innovation Hub on a project of serving up an assortment of non-alcoholic beverages.

The vending machine will be filled with sparkling water, energy drinks, and canned espresso instead of alcohol, and the goal of Black Fire is to demonstrate the importance and utility of private identity verification.

“We’re delighted that our groundbreaking identity-verification vending machine has found a new home in Black Fire Innovation’s Living Lab. We’re proud to bring automated age verification technology to innovation leaders in the gaming, hospitality, and entertainment industries,” said Vinny Lingham, CEO and co-founder of Civic.

Technical analysis: Civic (CVC) has extended its correction from the recent highs

Data source: tradingview.com

Civic (CVC) has extended its correction from the recent highs above $1, but it would be a signal to buy CVC if the price jumps again above $0.7 resistance. The next price target could be around $0.8 or even $0.9; still, if the price falls below $0.40 support, it would be a strong “sell” signal.

Summary

Civic is a blockchain identity verification technology that allows users to verify the use of their identities in real-time. Civic reduces the cost and increases the reliability of background checks, making this project a great solution for mass adoption. Technically looking, Civic (CVC) remains under pressure, and if the price falls below $0.50, the next target could be around $0.40.

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