VIRTUAL Spikes 12% in Minutes : What’s Fueling the Surge ?
After a dip, VIRTUAL surged strongly, gaining 13.26% in 24 hours. Technical indicators signal potential further growth, eyeing the next target at $2.44.
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.
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.
Gaston Cuny
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
This article is for informational purposes only and should not be considered as investment advice. Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Trading cryptocurrencies involves risks, and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and cannot be held liable, directly or indirectly, for any damage or loss caused by the use of any product or service featured in this article. Investments in crypto assets are inherently risky; readers should conduct their own research before taking any action and invest only within their financial means. This article does not constitute investment advice.
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