VIRTUAL Surges 50% in 24 Hours, 71.16% in 90 Days, Despite Potential Correction

Virtuals Protocol [VIRTUAL] has experienced a significant surge in the past 24 hours, with a 50% increase, marking the highest gain within this period. Over the last 90 days, VIRTUAL has ranked fifth among the top 100 coins with a 71.16% gain. However, the asset's run might take a brief pause due to liquidity placement on the chart.

According to the Relative Strength Index (RSI), VIRTUAL might enter a corrective phase soon. The RSI is a technical indicator that determines whether an asset is overbought or oversold based on the reading on the chart. A reading between 50 and 70 shows that the asset is in a positive zone. However, once it exits this phase and rises above 70, it indicates that the asset is overvalued and may experience a price drop. This is a historic pattern that often repeats, suggesting a price decline is likely. Interestingly, the Money Flow Index (MFI) suggests that the drop will be minimal. The MFI, which measures the inflow and outflow of funds from the market, shows that liquidity is still entering the market. It was 73.77 at press time, confirming that liquidity continued to enter the market and reducing the chances of a sharp decline. Having said that, a mild pullback to the $1.6 support remains possible.

According to the Liquidation Heatmap, liquidity clusters for VIRTUAL lay between $1.6 and $1.8. These clusters are levels on the chart with unfilled orders that act as price magnets, drawing the asset toward them. These clusters are identified by colors on the chart—green, yellow, or darker shades. The yellow levels mark zones with high liquidity clusters, and there are specific levels on the chart within this range. When the price reaches any of these levels, VIRTUAL may rebound, especially if buying momentum increases.

On the 8th of May, spot traders sold their VIRTUAL holdings, with a total of $788,490 worth of the asset offloaded. However, as of press time, there has been a shift. These traders have now purchased a total of $1.96 million worth of VIRTUAL from the market. Moreover, in derivatives, the Funding Rates turned positive, flipping bullish for the first time since the 8th of April. This shift confirms renewed optimism among traders, reinforcing the probability of another upside continuation. If buying activity in both the spot and derivative markets continues, it is likely that the asset will resume its push to the upside.