Crypto Market Surges 152% as Trade Talks Boost Bitcoin, Virtuals Protocol, Moo Deng, Bonk

On Monday morning, the crypto market maintained stability as investors responded positively to the progress in ongoing trade talks between China and the United States. Bitcoin's price remained above $104,000, while the total market capitalization of all cryptocurrencies surged to $3.3 trillion. This article focuses on some of the top-performing cryptocurrencies in the industry, including Virtuals Protocol (VIRTUAL), Moo Deng (MOODENG), and Bonk (BONK).

Virtuals Protocol is a leading platform at the intersection of artificial intelligence (AI) and the crypto industry. It provides developers with the tools to launch their AI agents easily. Over the past few months, Virtuals Protocol has attracted hundreds of developers, with the total market cap of all tokens in its ecosystem reaching nearly $2 billion. Notable tokens within this ecosystem include aixbt, Ribbita, GAME, VaderAI, and Luna.

VIRTUAL's price has shown resilience, bouncing back from a low of $0.4213 in April to reach $2, its highest point since January 31st. The token has moved above the 50-day Exponential Moving Average (EMA) and is forming a cup and handle pattern, with the upper side of the pattern at $5.10, representing a 152% increase from the current level. A cup and handle pattern, characterized by a rounded bottom, horizontal support, and consolidation at the top, suggests that if the pattern holds, the coin could jump to $9.55. This target is derived from measuring the cup’s depth, which is 91%, and then applying the same distance from its upper side, implying a potential 380% upside from the current level.

Moo Deng, a Solana-based meme coin, has experienced a significant surge this month, reaching a high of $0.33, its highest level since January 7. The token has risen for six consecutive days, increasing by over 1,240% from its lowest point this year. This surge has boosted its market cap to over $277 million. The high trading volume, with a 24-hour volume of $1.35 billion, indicates strong investor interest and a Fear of Missing Out (FOMO) phenomenon. However, the Relative Strength Index (RSI) has surged to an extreme overbought level of 95, suggesting that the coin may be in the markup phase of the Wyckoff Theory. This raises the risk of a harsh reversal as the token moves into the distribution phase, potentially dropping to the key support level at $0.048, down by 82% from the current level.

The Bonk token formed a double-bottom pattern at $0.000008870 between March and April this year. It has since moved above the neckline at $0.00001550, its highest level on March 26. A double bottom is considered one of the most bullish patterns in technical analysis. The coin has retested the neckline at $0.00001550, confirming the bullish breakout, and has moved above the 23.6% Fibonacci Retracement level. It is on the verge of forming a mini golden cross pattern, where the 100-day and 50-day moving averages cross each other. This suggests that the BONK price is likely to continue rising as bulls target the key resistance point at $0.00002855, the 38.2% retracement point, which is about 20% above the current level. A move above this level could indicate further gains, potentially reaching the 50% retracement level at $0.0000347, up by 45% from the current level.