Can Virtual Sustain Its 22% Gain Despite Overbought Market Conditions
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- Virtual’s impressive price surge has shattered critical resistance levels, buoyed by robust on-chain profitability.
- Strong whale activity and technical analysis have bolstered the rally, even in overbought conditions.
Virtual Protocol [VIRTUAL]
is making headlines with an outstanding 22.19% rise within just 24 hours, currently trading at $4.90.
The market cap has climbed to $4.89 billion alongside a significant 38.45% increase in trading volume, reaching $520.01 million, indicating a strong upward momentum for the token.
This raises curiosity among investors – what’s driving this remarkable rally?
VIRTUAL: Charting New Heights
The price movement of Virtual serves as evidence of its formidable bullish trend on the 4-hour chart.
The token has consistently followed an upward trend line, surpassing crucial resistance and targeting Fibonacci levels above $5.23.
A minor pullback from $5.00 indicates some traders may be cashing in their profits; however, while the overall trend remains positive, any short-term dips present potential buying opportunities before the next upswing begins..
Bullish Sentiment Persists
As of now,
The win-loss ratio on-chain stands at an impressive 20.68,
showcasing heightened profitability among traders.
The uptick in successful trades reflects prevailing market sentiment that often accompanies durable uptrends.
This optimistic indicator should continue attracting traders keen to leverage VIRTUAL’s momentum; nevertheless,
profit-taking could result in a brief correction if marketactivity slows down.
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Virtual’s daily active addresses are now over 1,000—signifying enhanced user engagement within its ecosystem!
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