VIRTUAL Token Soars 155%, Eyes Further Gains
Key Takeaways
- The price of the VIRTUAL token has increased by 155% in one week.
- Technical indicators suggest potential short-term corrections.
- However, the long-term trend remains bullish.
- Key support zones are at $1.22 and $1.06.
- Significant resistance is found at $2.00 and $2.40.
Strong Price Rally for VIRTUAL
The token of the Virtuals Protocol (VIRTUAL) experienced an impressive price rally in the final week of April. From a low of $0.42, the price surged to over $1.60 – a gain of 155% within just a few days. The rally was triggered by a combination of high demand and the breakout of several local resistance levels.
Technical Analysis Shows Initial Warning Signs
Despite the strong upward trend, some technical indicators are showing early signs of a possible short-term correction:
- Money Flow Index (MFI): The MFI is at 89, indicating strong buying activity. However, the 4-hour chart shows a bearish divergence – the MFI is falling while the price is rising. This suggests potential short-term weakness.
- Accumulation/Distribution (A/D): The A/D indicator continues to rise, indicating sustained buying pressure.
- Chaikin Money Flow (CMF): With a value of +0.18, the CMF continues to signal capital inflows into the market.
Potential Price Targets in Case of Pullback
Should a correction occur, the following support zones may become relevant:
- $1.22: Former resistance level, now potential support.
- $1.06: Another strong support zone in case of a deeper pullback.
These pullbacks are likely to be short-lived in the current market environment, as indicators continue to point to buying interest.
Liquidity Zones Provide Clues to Price Targets
A look at the liquidation data shows that many open positions are located in the $1.55 to $1.58 range. Such zones act like magnets for the price, as many stop-losses and liquidations can be triggered there. The $1.36 level is also a relevant liquidity zone that could be tested in the short term.
Long-Term Outlook and Entry Opportunities
For long-term investors, a sustained breakout above the $1.60 mark could represent a buy signal. In this case, the next major resistance levels would be:
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- $2.00: Psychological level and potential resistance.
- $2.40: Next target if the uptrend continues.
Our Assessment
VIRTUAL currently shows a strong market structure with clearly bullish momentum. Short-term pullbacks are possible but should not be overemphasized. Short-term traders should pay attention to support zones and avoid premature short positions. For long-term investors, a stable breakout above $1.60 offers an attractive entry opportunity. The technical outlook remains positive overall – with potential for further price gains.
Sources
- TradingView
- Coinglass
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