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Can Altcoin Hit $6 Despite Whale Profit-Taking?
In a remarkable turn of events, the price of Virtuals Protocol (VIRTUAL) has surged significantly, defying expectations as it rose by over 10% within a single day. This impressive hike from around $2.95 to a peak of $3.22 represents an astonishing 10.57% increase. It is undeniable that this performance is a testament to investor optimism and confidence in the altcoin.
Despite recent episodes of whale profit-taking, it would be premature to dismiss the prospect of VIRTUAL hitting the $6 mark in the near future. This optimism is largely driven by the fact that the altcoin’s market capitalization has hit a staggering $3.22 billion.
In addition to its robust trading volume, which remains healthy at 9.05%, Virtual’s recent price action suggests a strong foundation for further rallies. The chart reveals a compelling test of the ATH with attempts to surpass its resistance level. This has set the stage for more upward momentum as VIRTUAL hit an all-time high of $3.33.
Following this peak, the price stabilized around $2, which may have hinted at potential resistance-turned-support dynamics. Given these findings, it is likely that a bullish outlook will continue to support the altcoin’s future trajectory.
Furthermore, data from Coinglass has revealed concentrated liquidation levels where significant amounts of leverage are at risk should the price hit critical zones like $3.1074. These areas have been shown to be pivotal pivot points for future movements, with VIRTUAL often approaching these dense liquidation zones in the past.
To further validate its potential, a prominent whale has emerged as a supporter of the altcoin’s upward trend. This behemoth trader entered the market by exchanging 9.9 cbBTC for an astonishing 1.913 million VIRTUAL tokens, valued at roughly $896,000 at that time. Subsequently, this whale opted to liquidate a substantial portion of their holdings, offloading 1.026 million VIRTUAL tokens in exchange for $2.7 million.
This strategic move not only underscores the whale’s confidence in the altcoin’s future growth but also serves as an endorsement for its potential upside. It can be deduced that this whale has been systematically taking profits while still maintaining a significant stake of 887,000 VIRTUAL tokens worth approximately $2.75 million.
It is crucial to highlight that this whale’s activities have resulted in a staggering profit of $4.56 million, yielding an impressive return on investment of 5.1 times the initial stake.
Source: ambcrypto.com
