Why Virtual Token Price May Extend Its Gains
VIRTUAL, the native token of the decentralized platform for the creation and monetization of artificial intelligence agents Virtuals Protocol, climbed to an all-time high of $2.39 in early Asian trading on Friday. Although it has since fallen by 5%, the VIRTUAL token price is still up 18% in the past 24 hours.
The altcoin is currently the market’s top gainer during the review period and appears poised to extend its gains.
Virtual witness trading activity surges
Double-digit gains for VIRTUAL Meanwhile, trading activity surged, with volume climbing to $228.71 million, a 13% increase in 24 hours.
When trading volume surges in conjunction with rising asset prices, it indicates interest and widespread participation among market participants. Additionally, increased volume during the rally suggests that price increases are underpinned by real demand rather than speculation.
Additionally, a surge in VIRTUAL open interest confirmed the spike in trading activity. At the time of writing, this number reached an all-time high of $63 million, having surged 48% in the past 24 hours.
Open interest refers to the total number of open derivatives contracts, e.g. futures or options that have not yet been resolved or closed. When open interest climbs during a price increase, new positions are created as more traders enter the market.
This increase indicates that price gains are supported by increased market participation and may indicate the potential for continued strong price momentum.
Virtual Price Prediction: Buyers Take Control
On the daily chart, virtual The Elder-Ray Index supports this bullish outlook. At press time, the indicator was significantly above the zero line at 1.04.
This indicator measures the strength of bullish and bearish pressure in the market by analyzing price movements relative to moving averages. Positive elders ray The index indicates that buyers are in control, with current prices above the moving averages. This indicates bullish momentum and the potential for further gains.
if VIRTUAL maintains upward trendit will revisit the all-time high of $2.39 and rebound beyond that level. On the other hand, profit-taking activity could push the VIRTUAL token price as low as $1.83, thereby invalidating the above bullish prediction.
Disclaimer
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