VIRTUAL Token Soars 50% Amid Bullish Momentum
Key Takeaways
The altcoin VIRTUAL has seen a 50% price increase in the past 24 hours, making it the top gainer among the 100 largest cryptocurrencies. Over a 90-day period, VIRTUAL ranks fifth with a gain of 71.16%. Despite this upward trend, technical indicators suggest a potential price correction. However, market liquidity remains high, making a sharp decline unlikely.
Strong Price Gains – But Are They Sustainable?
VIRTUAL, the native token of the Virtuals Protocol, has experienced a significant increase in value over a short period. Such price movements often attract short-term traders but also come with risks. The Relative Strength Index (RSI) is currently above 70 – a level that indicates an overbought market. Historically, such phases have often been followed by price corrections.
Technical Analysis: Focus on RSI and MFI
The RSI measures the ratio of upward to downward movements of an asset. Values above 70 are considered overbought, signaling that a correction may be imminent. At the same time, the Money Flow Index (MFI) stands at 73.77, indicating that capital continues to flow into the market. The MFI analyzes trading volume in relation to price movements and provides insight into the strength of the trend.
The combination of a high RSI and strong MFI suggests a possible, yet moderate, correction. A pullback to the support level at USD 1.60 is conceivable.
Liquidity Zones as Potential Turning Points
A look at the CoinGlass liquidation heatmap reveals that there are so-called liquidity clusters between USD 1.60 and USD 1.80. These zones contain many open trading orders and act like magnets for the price. If the price falls into these areas, a rebound is likely – provided that buying momentum continues.
Trader Behaviour: From Selling to Buying
On May 8, spot traders sold VIRTUAL worth approximately USD 788,490. Since then, the tide has turned: purchases totalling USD 1.96 million have recently been recorded. Optimism is also evident in derivatives trading. Funding rates – an indicator of the ratio of long to short positions – have turned positive for the first time since April 8. This points to a bullish sentiment among futures traders.
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What Does This Mean for You?
If you are invested in VIRTUAL or planning to enter the market, you should closely monitor current market conditions. Technical indicators suggest a short-term cooldown. At the same time, trader interest remains high, which could support a continued uptrend. If you decide to enter, pay attention to support zones and closely watch trading volumes.
Our Assessment
VIRTUAL is currently showing strong performance, driven by high liquidity and positive market sentiment. However, technical signals urge caution. A short-term correction is likely, but not a cause for panic. Those already invested should factor in potential pullbacks. New investors should look for more favourable entry points and closely monitor market behaviour in the coming days.
Sources
- CoinMarketCap
- TradingView
- CoinGlass
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