Virtuals Protocol Surges 40% as Bitcoin Reclaims $100,000
1min read Virtuals Protocol (VIRTUAL) has surged nearly 40% in the past 24 hours, emerging as the top performer in the crypto market. This significant gain comes as Bitcoin (BTC) recently reclaimed the $100,000 price mark, sparking a broader rally across altcoins.
Currently trading at a three-month high of $2.14, the VIRTUAL token rally shows no signs of slowing down. Technical indicators on the daily chart suggest that the momentum may continue in the short term as the buying pressure in the market strengthens. One such indicator is VIRTUAL’s accumulation/distribution (A/D) line, which is in an uptrend, confirming the high buying activity in the market. It currently stands at -65.53 million. The A/D line measures an asset’s buying and selling pressure by analyzing its price movements. A rising A/D line signals strong accumulation among market participants, indicating that VIRTUAL buyers are increasing demand and driving prices higher.
Ask Aime: "Virtuals Rally Continues; Could Bitcoin's Surge Impact Altcoins?"
Further supporting this bullish outlook is the altcoin’s rising Chaikin Money Flow (CMF). As of this writing, the momentum indicator rests above the center line at 0.19, indicating high buying pressure. The CMF indicator measures an asset’s accumulation and distribution trends by analyzing price and volume over a set period. A positive CMF reading suggests strong buying pressure, confirming that more money is flowing into VIRTUAL and signaling the potential continuation of its upward price momentum.
VIRTUAL is trading at $2.14, just below the resistance level of $2.22. If buying pressure continues, the altcoin could flip this resistance into a support floor, setting the stage for a rally toward $2.78, possibly beyond $3. However, while the bullish outlook remains, caution is advised. VIRTUAL’s Relative Strength Index (RSI) has reached overbought levels, indicating that a market correction could be on the horizon. If selloffs resume, the VIRTUAL token could drop recent gains and plunge to $1.53.
