New zkVerify L1 Blockchain Aims to Enhance Speed and Reduce Costs of Crypto ZK-Proofs
Launch of ZkVerify: Horizen Labs has launched ZkVerify, a dedicated layer-1 blockchain aimed at reducing the costs and inefficiencies associated with zero-knowledge proof (ZK-proof) verification, which is crucial for private data verification.
Cost Reduction and Use Cases: ZkVerify promises to cut verification costs by at least 90% compared to existing methods on networks like Ethereum, with potential applications in decentralized ID, gaming, and DeFi lending, while also supporting a modular architecture for multichain verification.
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Technical Analysis for VFY
Technical Sentiment Analysis for zkVerify (VFY) As of , zkVerify (VFY) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 3 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for VFY stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, VFY is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
zkVerify (VFY) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0106 | 0.0138 | 0.0168 | 0.0201 | 0.0231 | 0.0264 | 0.0294 |
| Fibonacci | 0.0138 | 0.0162 | 0.0177 | 0.0201 | 0.0225 | 0.024 | 0.0264 |
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