The price of Ovr rose to $0.61 on Monday, jumping by more than 40% in the past 24 hours as it hit its highest level since November 2022.
The metaverse token’s price has increased by more than 110% this past week and is seeing rising network activity with over $3.5 million worth of OVR traded in the last 24 hours to represent a 90% jump in market activity.
Why is OVR price surging today?
OVR price is experiencing major gains as the broader crypto market momentum stalls amid uncertainty over US debt ceiling talks. But one factor that might be aiding the Ovr price today could be related to news around Apple, which is reportedly on the verge of launching its highly anticipated VR/AR headset.
The Apple VR/AR headset is designed as a mixed reality headset, and although the iPhone maker hasn’t confirmed its development status or release date, market expectations have seen massive speculation on when it arrives.
Most rumours put a clear picture on when this could be down to announcements at the upcoming Apple WWDC 2023. Not only are augmented reality enthusiasts looking for an official glimpse at the device during the June 5 event, but are also puffed up for what this means in terms of competition with the likes of Meta Quest 2, the PSVR 2 and other such top VR headsets.
What is Over the Reality (OVER)?
Over the Reality (OVER) is an AR metaverse platform designed to merge physical and virtual worlds. The OVER metaverse is built on the Ethereum and Polygon blockchains and Ovr is its utility token.
OVR is used to power all transactions on the OVER platform, including buying and selling digital assets, accessing exclusive content, and participating in metaverse events. Ovr is also used to reward users for their contributions to the OVER ecosystem, such as creating content, participating in events, and verifying transactions.
The OVER ecosystem also allows for the creation of decentralised applications (dApps), which can be used to power a variety of features on the OVER platform, including for games, social media, and commerce.
OVR price outlook
As noted, the latest surge in OVR price coincides with the speculation around the VR/AR mixed-reality headset. OVR price is currently testing resistance near levels seen in October 2021 before bulls raced to the all-time high of $3.33 in early December that year.
While the last few days have seen buyers take control, it’s possible the highlighted area will be a critical hurdle. The outlook for OVR could see the token rally to a new multi-month high as the hype around the metaverse hits up.
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