VIRTUAL Soars to 4-Month High

VIRTUAL Soars to 4-Month High

The VIRTUAL Protocol (VIRTUAL) token experienced a significant price surge, reaching a four-month high of $2.25. This represents a 13.26% increase in the last 24 hours, fueled by robust demand across both spot and futures markets.

• Price Surge: VIRTUAL hit a four-month high of $2.25, a 13.26% increase.
• Volume Increase: Trading volume spiked by 69.16% to $329.34 million.
• Market Cap Growth: Market capitalization rose by 13.18%, reaching $1.44 billion.

After a brief retracement to $1.83 following a peak of $2.24, VIRTUAL successfully retested the $1.8 support level before rebounding. This strong recovery signifies substantial buyer interest.

Spot Market Dominance

Analysis reveals a clear dominance of buyers in the spot market. 5.18 million in buy-side volume resulted in a 403K positive market imbalance compared to sellers. This demonstrates significant buying pressure.

Futures Market Strength

The bullish sentiment extends to the futures market. Open interest surged 18.83% to $237 million (data from CoinGlass), indicating substantial investor confidence and anticipation of further price increases. Long positions account for over 50% of all futures contracts, with a Long-to-Short Ratio exceeding 1.

The positive funding rate across major exchanges further reinforces the bullish outlook. A positive funding rate suggests that longs are willing to pay to hold their positions, anticipating continued price appreciation.

Technical Indicators

Technical analysis supports the bullish momentum. Both the Stoch RSI and RSI indicators have shown bullish crossovers, suggesting strong upward momentum. The RSI has surged to 66, with its moving average at 62.

Future Outlook

If the bullish trend continues, the next significant resistance level for VIRTUAL is around $2.44. However, a potential pullback could see the price drop to $1.92 if selling pressure increases.

Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies involves significant risk.

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