Virtuals Protocol [VIRTUAL] has extended its bullish momentum by recording another 10% gain over the past 24 hours as of writing.
Notably, the latest rally aligns with a sharp increase in trading activity. There is also rising whale participation and renewed buying pressure in the spot market. All of this could further solidify the possibility of a recovery to the resistance level of $0.68 in the near future.
VIRTUAL breaks above key levels
At press time, VIRTUAL was trading above both the 20-day EMA and 50-day EMA on the daily chart. The break is considered a positive development from a technical perspective.
That’s not all; VIRTUAL’s price action is respecting the demand zone between $0.52 and $0.54, with buyers successfully defending the zone in recent sessions. The demand zone had initiated three successful uptrends over the last month. Therefore, a breakout above the current resistance level at around $0.60 could be a precursor to a push towards $0.68.
Trading volume surges 180%
VIRTUAL’s uptrend is gaining greater involvement from market participants.
The token’s trading volume recorded a 180% daily surge to around $115 million. Interestingly, the spike in trading volume during an uptrend could intensify the token’s current bullish push, especially given that buyers are dominating and network whale orders are on the rise.
VIRTUAL increased volume may help bulls get enough liquidity to attack the overhead resistance levels.
Whales increase Futures market activity
Whale activity is contributing to the bullish scenario as well.
Virtual Futures Average Order Size data reveal clusters of larger order sizes at current trading price levels. Consequently, larger order sizes mean that whales are getting involved as the token attempts to push forward its momentum.
The development is relevant since the network whales have become active along with improving momentum. The result could be an explosive push along the current positive trend.
Spot buyers return as volatility spikes
Further confirmation is provided by the spot market information.
Virtual Protocol’s Spot Taker CVD data reveals that buyers are becoming increasingly dominant despite a long period of directional activity being limited in the spot market. Therefore, this indicates that buyers have started to take up sell liquidity in the spot market.
Nonetheless, the token’s daily price volatility has risen significantly to about 4.2%, showing how intense the recent action has been.
The altcoin’s increased volatility may increase the risk of losses. However, it also suggests that more players are entering the market.
Can VIRTUAL reach $0.68?
The confluence of high volume, whales’ activity, renewed spot buys, and an upward breakout from both the 20-day and 50-day EMAs reinforces the optimistic view on VIRTUAL. If a convincing breakout of this resistance level occurs, then it will prove that the current rally still has some way to go.
Nevertheless, should VIRTUAL fail to preserve its recent momentum, then a retreat back to the moving averages would be possible before another push up. As it stands, buyers seem to be taking control, with $0.68 acting as the next level to test for VIRTUAL bulls.
Final Summary
- VIRTUAL gained by 10% over the last 24 hours as its trading volume jumped by 180% to $115 million.
- The network’s whale activity and spot buying are increasing, with $0.68 emerging as the next major resistance.
