Virtuals Protocol [VIRTUAL] has experienced a notable increase of 28.68% within the last 24 hours, with the AI token showing remarkable momentum. Its trading volume surged by 102% at the current moment, reaching $402 million in the previous 24 hours as indicated by data from CoinMarketCap.
While various alternative coins showed positive performance on the 23rd of December, VIRTUAL stood out as a prominent contender nearing its all-time high despite the recent market fluctuations.
Virtuals Protocol Aims for $5.4 Price Point
With a market cap of $3.2 billion, the token holds the potential for substantial growth during bullish phases. Noteworthy is its resilient performance throughout the past week, standing strong even in the face of market downturns.
Observing the OBV’s formation of ascending peaks and troughs over the past month indicates robust buying pressure. Additionally, the price has demonstrated consistent higher lows, suggesting an upward trend. The RSI reading of 62 further validates the positive momentum.
Nevertheless, it is crucial to note that despite the price climbing, the RSI has been forming lower highs over the past week. A closure of the daily session above $2.95 would indicate a bearish divergence, signifying potential market overextension. However, a pullback may not be immediately imminent, with chances of the token surpassing $3.32 before a minor retrace in gains.
If demand continues to hold strong, a pullback may not materialize, as not all divergences lead to substantial price corrections.
Robust Relative Strength Signals Positive Outlook
The altcoin market capitalization (excluding Ethereum [ETH]) witnessed a downward trend in December, although a slight recovery commenced on Monday. Despite this, the market structure remained predominantly bearish.
While the alt market cap saw a 17% decline in seventeen days, Virtuals Protocol prices surged by 90%. The impressive relative strength displayed by VIRTUAL suggests a strong likelihood of further gains.
Disclaimer: The views expressed are not intended as financial advice and represent solely the opinions of the author