VIRTUAL Token Rallies 24%, Eyes New All-Time High
VIRTUAL, the native token that powers the decentralized platform that creates AI agents Virtuals Protocol, has surged 24% in the past 24 hours. This double-digit rise has propelled the altcoin to the top of the gainer charts during the period under review.
VIRTUAL’s rise comes with a significant surge in its daily trading volume. This indicates increased interest and demand for the altcoin, suggesting that the current rally may continue.
Increased virtual demand
VIRTUAL value surges 24% Daily trading volume surged 109% in the past 24 hours, reaching an impressive $383 million in that time frame. This is a bullish indicator and suggests that the altcoin is poised to extend its gains.
When asset prices rise simultaneously its trading volumewhich indicates strong interest and heightened activity in the asset. This combination suggests that the price increase is supported by significant buyer participation, making it more likely to be sustained.
Additionally, VIRTUAL’s long/short ratio supports this bullish outlook. According to data from Coinglass, the ratio stood at 1.02 at press time, indicating higher demand for long positions.
When an asset’s long-short ratio is above 1, there are more long positions (betting that the asset’s price will rise) than short positions (betting that its price will fall) in the market. Increased demand for long positions reflects bullish sentiment, indicating traders are optimistic about the asset’s future price movement.
Virtual Price Forecast: 20-Day EMA is Key
On the daily chart, VIRTUAL is trading just below its all-time high of $3.32, last touched on December 16. This follows a rebound from support at the 20-day exponential moving average (EMA) at $2.31 during Monday’s trading session. Meeting.
This key moving average tracks the average price of an asset over the past 20 days, placing more emphasis on recent prices for better trend analysis. When the asset bounces off the 20-day EMA support, buyers defend this level, reinforcing the bullish trend. If this support level continues to hold, VIRTUAL could regain its all-time highs and rally above this support level.
However, if market sentiment changes and VIRTUAL Token Falls Below 20-Day EMAits price could drop to $1.11.
Disclaimer
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