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Virtuals Protocol Gains 28% in a Day: Should You Expect More Gains?
In a stunning turn of events, Virtuals Protocol has skyrocketed by an astonishing 28.68% over the past 24 hours, defying the bearish trend that has engulfed the altcoin market capitalization. While many would be quick to dismiss this surge as a flash in the pan, it is essential to analyze the data and assess whether this upward trajectory can sustain itself.
Firstly, let’s take a closer look at the trading volume. A 102% increase in trading activity is a significant indicator of investor enthusiasm, which could propel prices even further. In fact, the current market capitalization of $3.2 billion presents an attractive entry point for investors seeking to capitalize on the potential upside.
Furthermore, the OBV has consistently formed higher highs and lower lows in the past month, demonstrating unwavering buying pressure. Additionally, the price chart showcases a series of higher lows, indicating a robust uptrend. The RSI’s reading of 62 reinforces this notion, as it signifies a strong upward momentum.
However, some may argue that a daily close above $2.95 would signal a bearish divergence, suggesting that the market is overextended and potentially primed for a pullback. Nonetheless, history has shown that not all divergences necessarily lead to notable price drops, leaving room for the token to push beyond $3.32 before retrace
Source: ambcrypto.com
