Virtuals Protocol Token Surges 300% in Three Weeks, Stabilizes at $2

Virtuals protocol has seen significant growth in recent weeks, becoming one of the leading liquidity providers for its native token. This surge follows a period of broad correction over the past three months, during which the token's price increased by over 300% in just three weeks. However, the momentum stalled when the price failed to surpass $1.9 earlier this month, leading to a sell-off and a pullback to around $1.27. The token then rebounded, reaching $2.1 last Friday, but has since remained relatively stable at approximately $2.

The current price stability at $2 is crucial for determining the next major move. A strong daily close above the recent high could signal further growth and potentially break out to new highs. Conversely, if this calm phase turns into distribution, it could trigger a significant pullback, increasing the supply level and potentially driving the price down to lower support levels.

Despite the recent drop in the broader crypto market, Virtual remains a leader on the monthly scale, with gains of 251% according to CoinMarketCap metrics. This continuous increase could position the asset for a major parabolic move in the short term. Key resistance levels to watch include $2.65, $4.13, and $5.25. If the price crosses over $5.25, it could fuel a significant move to new highs. On the downside, key support levels are $1.23, $0.846, and $0.63. A drive below $1.23 could see the price slip to these lower support levels.