Civic CVC/USD has weakened from $0.64 to $0.30 since November 28, and the current price stands at $0.36.
The cryptocurrency market is advancing this Sunday, Bitcoin went above $50000, but according to rules of technical analysis, CVC remains in a bear market.
Global identity verification support
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.
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.
Civic offers global identity verification support for more than four thousand documents across 195 countries, and customers can complete verification in minutes from a mobile phone.
The most common methods of verification include age verification, phone number verification, and biometrics check, while it is also important to mention that Civic enables dApp developers to set requirements for vetting counterparties.
Users must meet all requirements before being issued a Civic Pass to access a permissioned market, and in this way, dApp developers can manage risk with Civic’s compliance tools.
There are already many projects that are using this blockchain identity verification technology, and in September 2021, Civic partnered with Solrise Finance to announce the first on-chain decentralized exchange on Solana.
Solrise DEX Pro has access based on digital identity, and it uses Civic Pass to determine which participants meet their standards for verification before allowing them to trade.
Civic is continuously working on new features, and according to the latest news, it introduced an innovative suite of tools as an end-to-end solution that takes every step of the NFT lifecycle into account.
This innovative suite of tools helps creators to prove authorship and build more reliable communities. The team of Civic added:
Creators can get started immediately by doxxing their identities, pseudonymous-identities, and projects — they may simply go to our Discord server to get verified through our new automated Civic Pass portal. With Civic Pass, creators are also able to confirm that participants are legitimate buyers, not bots.
Bears in control of CVC
Civic (CVC) is trading down more than 40% from its recent highs registered in November, and the risk of further decline still persists.
Civic (CVC) remains in a bear market; still, if the price jumps above $0.50, it would be a “buy” signal, and the next target could be at $0.55.
Summary
Civic offers global identity verification support, and according to the latest news, it introduced an innovative suite of tools as an end-to-end solution that takes every step of the NFT lifecycle into account. Civic (CVC) is trading down more than 40% from its recent highs registered in November, and the risk of further decline still persists.
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from Market Analysis – Invezz
