Strong Demand for VIRTUAL Continues

After reaching $2.24 three days ago, VIRTUAL experienced a sharp rejection, dropping to $1.83. However, over the last day, the cryptocurrency managed to retest the support at $1.80 and bounced back to hit a 4-month high at $2.25. At the time of writing, VIRTUAL is trading at $2.24, marking a 13.26% increase in the last 24 hours.

A chart of VIRTUAL
Source: TradingView

This price surge is accompanied by an increase in volume (+69.16% to $329.34 million) and market capitalization (+13.18% to $1.44 billion). These indicators reflect a strong demand for VIRTUAL from all market participants, evident in both spot and futures markets.

Confirmed Bullish Momentum

In the spot market, buyers dominated over the last day, accumulating a volume of $5.18 million, creating a positive imbalance of $403,000 compared to sellers. This trend continues in the futures market, where the open interest for the token increased by 18.83% to reach $237 million.

Furthermore, futures investors strongly favour long positions, accounting for over 50% of all contracts. This long/short ratio exceeding 1, coupled with a positive funding rate, indicates a widespread bullish sentiment on VIRTUAL.

According to AMBCrypto analysis, VIRTUAL is currently experiencing a strong upward momentum due to this increasing demand. Technical indicators suggest the cryptocurrency may continue to rise, with a significant next resistance level around $2.44.

However, in case of a reversal, a decline could bring VIRTUAL back to $1.92. Investors will need to monitor the market dynamics in the coming days.

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