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Virtuals Protocol [VIRTUAL] – Can altcoin hit $6 despite whale profit-taking?
In a surprising turn of events, Virtuals Protocol (VIRTUAL) has defied expectations by surging significantly, despite the recent episode of whale profit-taking. The altcoin’s 10% hike within a single day is a testament to its resilience and robustness in the market.
While some may attribute this sudden surge to short-term volatility, it is essential to examine the underlying dynamics that have led to this impressive growth. This analysis will delve into the VIRTUAL price action, chart patterns, and whale activity to predict if this altcoin can potentially hit $6 despite profit-taking by whales.
To begin with, a closer inspection of the price movement reveals a compelling test of its ATH (All-Time High) at $3.33. The subsequent retreat from these highs has led to stabilization near $2, hinting at resistance-turned-support dynamics. This phenomenon has given rise to a bullish outlook and suggests that VIRTUAL could potentially hit the $6-mark.
Furthermore, an examination of the Liquidation Heatmap illustrates concentrated liquidation levels at specific price points where price movements were prevalent. It is noteworthy that this heatmap highlights heavy liquidation leverage at $3.1074, where 453.32k in leverage are at risk of liquidations if the price hits that level. This critical zone represents a pivot point for future market fluctuations.
Past trends have also shown that prices tend to approach these areas of concentrated liquidation zones, driven by traders seeking to capitalize on shifts in market sentiment. This development underscores the dynamics of supply and demand at key technical levels within the market.
Moreover, VIRTUAL’s whale activity has revealed a significant sale of 1.026 million coins for $2.7 million, resulting in a profit of approximately $1.8 million. However, it is essential to note that this whale still retains an impressive 887,000 VIRTUAL, valued at around $2.75 million – a clear indication that the whale anticipates further uptrend while systematically taking profits.
In conclusion, the recent surge and price action suggest that VIRTUAL may be poised for further growth despite profit-taking by whales. With the market’s momentum seeming to shift in favor of the bulls, it is crucial to closely monitor this altcoin’s trajectory to determine whether it can indeed reach the $6 mark.
Will Virtual Protocol breach this psychological barrier? Only time will tell.
Source: ambcrypto.com
