Virtual Protocol [VIRTUAL] has recently grabbed the attention of the market by surging a remarkable 22.19% within just a 24-hour period, currently trading at $4.90.
With its market capitalization now sitting at $4.89 billion and a notable 38.45% increase in trading volume to $520.01 million, this cryptocurrency is witnessing a rapid surge in momentum.
Investors are eagerly speculating on the factors propelling this impressive rally.
VIRTUAL Making Moves Up the Charts
The price action of Virtual clearly demonstrates its strong bullish momentum, evident from its performance on the 4-hour chart.
The token has consistently followed an upward trendline, breaching significant resistance levels and aiming for Fibonacci targets above $5.23.
Even though there was a slight pullback from the $5.00 mark, indicating some traders were pocketing gains, the overall upward trajectory remains intact. A temporary retreat could present buying opportunities before the next surge.
Continued Bullish Sentiment
The profit-to-loss ratio on-chain currently stands impressively high at 20.68, underscoring the profitability enjoyed by traders.
This surge in profitable transactions reflects a positive market sentiment typically associated with sustainable upward trends.
This optimistic indicator is likely to draw in more traders seeking to ride the wave of VIRTUAL’s momentum. However, frequent profit-taking may trigger brief corrections during moments of market cooldown.
Expanding Network: Surging Daily Active Addresses
Virtual has now surpassed a milestone of over 1,000 daily active addresses, suggesting a substantial increase in user engagement.
This uptick signals a growing interest and adoption within Virtual’s ecosystem, often contributing to its long-term viability.
Moreover, the escalating address activity hints at an expanding user base, bolstering the bullish outlook for the token.
Nevertheless, sustaining this growth hinges on Virtual’s ability to sustain its upward trajectory and meet ecosystem expectations.
Decoding the Charts: Building Technical Momentum
Technical indicators point towards further extension of the rally, albeit with caution. The Relative Strength Index (RSI) currently stands at 75.12, indicating overbought conditions that could trigger short-term pullbacks.
However, the Moving Average Convergence Divergence (MACD) remains bullish, with a positive crossover confirming the upward momentum.
Moreover, the widening histogram implies increasing buyer strength, creating a conducive environment for sustained upward movement. Traders are advised to closely monitor these signals for any potential shifts in market dynamics.
Whale Activities in Spotlight: Profiting from High Stakes
Whales have significantly impacted Virtual’s surge, with one investor turning a $10 million investment into a $21.5 million portfolio, yielding an unrealized profit of $11.5 million.
These substantial transactions have injected confidence into the market, often prompting retail investors to participate actively.
Furthermore, whale activities tend to amplify the bullish momentum, attracting more attention to the cryptocurrency. However, abrupt sell-offs by whales could introduce volatility, emphasizing the need for vigilance among traders.
Outlook: What Lies Ahead for VIRTUAL?
The remarkable rally of Virtual symbolizes a convergence of robust technical factors, increased user engagement, and confidence driven by whale activities.
Although the current bullish momentum appears sustainable, caution is advised due to overbought signals and potential profit-taking activities that may introduce short-term volatility.