Is Civic (CVC) buy opportunity after the current dip?

By: Stanko Iliev
Stanko Iliev
Stanko is a Financial Analyst for Invezz covering stocks, cryptocurrencies, and worldwide indices. He has significant experience trading forex,… read more.
on Apr 6, 2022
  • Civic (CVC) has weakened from its recent highs
  • The important support level stands at $0.25
  • Civic has partnered with CasperLabs

Civic CVC/USD has weakened from $0.41 to $0.30 since April 02, 2022, and the current price stands at $0.31.

Civic has partnered with CasperLabs

Civic is a project focused on real-world applications and uses a digital identity as a gateway for decentralized finance on the Solana blockchain with faster and more accurate verification.

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Civic enables the business to create permission access requirements to manage risk while creating a trusted space for their users.

In this way, businesses can set standards for restricting users, protect against bad actors and have better control access to their dApps.

It is also important to mention that Civic enables dApp developers to set requirements for vetting counterparties, and it offers global identity verification support for more than four thousand documents across 195 countries.

Users can complete verification in minutes from a mobile phone, and the most common methods of verification include phone number verification, age verification, and biometrics check.

There are already many projects that are using this blockchain identity verification technology, and according to the latest news, Civic has partnered with CasperLabs to launch Civic Pass on the Casper blockchain.

CasperLabs is a leading enterprise blockchain services company, and one of the first projects to benefit from this partnership is Metacask. The team of Civic said:

Metacask will use the identity and age verification processes provided by Civic Pass as an input to its compliance program. Once the user has completed the Civic Pass screening process, Metacask’s smart contracts will use the results of the screening to allow users to participate within the decentralized marketplace.

Metacask has chosen CasperLabs as its blockchain partner because of its enterprise scalability, high performance and strong security.

CasperLabs, Civic, and Metacask are helping to bring awareness of the need for permissioning into the crypto industry, and we will see more great ideas from this partnership that would help grow the crypto industry in exciting new ways.

Civic (CVC) is an Ethereum token used to power Civic’s identity verification protocol, and it has reached a price level above $0.40 on April 02. CVC is currently down more than 20% from its recent highs, and the risk of further decline is still not over.

The U.S. central bank announced that interest rates could rise quicker than previously expected, and the uncertainty of potential outcomes between Ukraine and Russia continues to worry investors.

Risk-on assets tend to suffer in such conditions because investors look for safer places to invest their money.

Technical analysis

Civic (CVC) has weakened from its recent highs, and if you decide to buy this cryptocurrency at the current price, you should use a “stop-loss” order because the risk remains high.

Data source: tradingview.com

The important support level stands at $0.25, and if the price falls below it, the next price target could be around $0.20.

The strong resistance level stands at $0.45, and if the price jumps above this level, it would be a “buy” signal, and we have the open way to $0.50.

Summary

Civic is a project that offers flexible identity verification technology for businesses by using digital identity as a gateway. CVC is currently down more than 20% from its recent highs, and the risk of further decline is still not over.

Where to buy right now

To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:

  1. Etoro, trusted by over 13m users worldwide. Register here >
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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.