Key Points to Note
Data from both Spot and Futures markets for VIRTUAL indicates buying activity as the price neared the $0.80 mark. This suggests the $5.12 target remains a possibility, although price swings should be anticipated.
Since its debut, Virtual Protocol [VIRTUAL] has experienced significant growth, climbing from $0.0300 to $5.12 in under a year. This impressive climb is primarily driven by individual investors and large holders.
Currently, VIRTUAL’s chart maintains a positive outlook. On a weekly chart, analysts are focusing on the next potential high point, located around $5.12.
VIRTUAL: Bullish Signals in Technical Analysis
A key observation on VIRTUAL’s weekly chart is the $0.40 area where the price bounced upward, triggering the recent rally.
This move created a noticeable price gap around $0.80, which is currently being tested by the ongoing price pullback.
Price behavior here will be crucial in determining future movement.
If buyers can defend this important gap, VIRTUAL may experience a successful price recovery, potentially leading to further gains and a retest of the $5.12 resistance level.
Increased Buying by Large Investors
AMBCrypto’s analysis of on-chain data for VIRTUAL indicates that significant investors are actively establishing positions.
These major players are consistently placing orders on the Spot market, strengthening the $0.80 region as a potential support level.
Whales and institutions see this gap as a pivotal point for the continuation of the bullish trend.
Source: CryptoQuant
Similarly, increased leveraged long positions are being established in the Futures market at the current price levels, further demonstrating growing confidence in VIRTUAL’s potential for future gains.
Source: CryptoQuant
Is a 10X Increase Possible for Virtual?
Should the $0.80 demand level remain strong, VIRTUAL’s potential rally towards the $5.12 high becomes more probable. Data from CoinGlass’ liquidity heat map shows concentrated liquidity over a longer timeframe, reinforcing the positive outlook.
Successfully surpassing this level could propel VIRTUAL beyond $0.80, potentially leading to a ten-fold increase.
Source: CoinGlass
Despite the indicators generally pointing to a bullish outlook, potential risks cannot be overlooked.
Given the volatility inherent in markets, any decrease in support from large holders or significant profit-taking could halt the upward trend.
Therefore, while technicals and on-chain activity for VIRTUAL suggest a positive outlook, the future trajectory of the token remains uncertain.