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VIRTUAL surges nearly 40% in 24 hours, fueled by Bitcoin’s $100,000 rally, marking a 3-month high at $2.14.
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Technical indicators suggest continued bullish momentum, with strong accumulation and high buying pressure confirmed.
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VIRTUAL targets potential rally to $2.79, but caution is advised as RSI signals an overbought market, risking a pullback.
VIRTUAL’s remarkable rally of nearly 40% is drawing attention as it soars to $2.14, showcasing a bullish trend fueled by Bitcoin’s recent price surge.
VIRTUAL’s Surge Shows No Signs of Slowing Down
Currently trading at a three-month high of $2.14, the VIRTUAL token rally shows no signs of slowing down. Technical indicators on the daily chart suggest the momentum may continue in the short term as the buying pressure in the market strengthens.
One such indicator is VIRTUAL’s accumulation/distribution (A/D) line, which is in an uptrend at press time, confirming the high buying activity in the market. It currently stands at -65.53 million.
The A/D line measures an asset’s buying and selling pressure by analyzing its price movements alongside trading volume. A rising A/D line like this signals strong accumulation among market participants. It indicates that VIRTUAL buyers are increasing demand and driving prices higher.
Further, the altcoin’s rising Chaikin Money Flow (CMF) supports this bullish outlook. As of this writing, the momentum indicator rests above the center line at 0.19, indicating high buying pressure.
The CMF indicator measures an asset’s accumulation and distribution trends by analyzing price and volume over a set period. A positive CMF reading like this suggests strong buying pressure. It confirms that more money is flowing into VIRTUAL and signals the potential continuation of its upward price momentum.
VIRTUAL Set for Rally Toward $2.79
VIRTUAL is trading at $2.14, just below the resistance level of $2.22. If buying pressure continues, the altcoin could flip this resistance into a support floor, setting the stage for a rally toward $2.79, possibly beyond $3.
However, while the bullish outlook remains, caution is advised. VIRTUAL’s Relative Strength Index (RSI) has reached overbought levels, indicating that a market correction could be on the horizon.
If selloffs resume, the VIRTUAL token could drop recent gains and plunge to $1.53.
Conclusion
To conclude, VIRTUAL’s recent surge is underscored by strong accumulation signals; however, potential overbought conditions warrant careful monitoring. Investors should tread cautiously, weighing risks against promising upward momentum.
