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Is VIRTUAL gearing up for a rally? 2 factors suggest…
Speculation is growing as VIRTUAL aligns with bullish signals, eyeing a potential breakout.
Whale activity and rising metrics signal bullish momentum as VIRTUAL targets $3.58 resistance.
Market fundamentals strengthened with 1,290 active addresses and a transaction count of 763.
In a dramatic move, an unknown investor withdrew 854 Ethereum, worth $2.9 million, from Coinbase, acquiring 851,387 VIRTUALs, sparking speculation about the token’s future potential.
This significant purchase raises questions about whether Virtual Protocol (VIRTUAL) is gearing up for a breakout.
As the crypto market displays mixed trends, the surge in activity and key metrics of VIRTUAL have captivated traders and analysts alike.
VIRTUAL price analysis shows steady strength
At press time, VIRTUAL was trading at $3.57, reflecting a 3.40% rise in the past 24 hours.
The token continues to follow a bullish trajectory within an ascending channel, with key resistance at $3.58.
Directional Movement Index (DMI) highlights strong buying momentum.
Furthermore, the Average Directional Index (ADX), at 47, indicated robust trend strength.
Additionally, the stochastic RSI at 44.47 suggests that the token was nearing overbought territory, signaling potential short-term caution.
However, consistent upward movement demonstrated momentum, and any corrections could provide opportunities for accumulation.
Daily active addresses show significant growth
The surge in daily active addresses reflected increasing network activity with a recent high of 1,290 addresses.
This sharp rise indicates growing user engagement which could stem from speculative interest or expanding use cases within the Virtual Protocol ecosystem.
Sustained increases in active addresses often signify strengthening fundamentals for a token.
As such, rising on-chain activity supports the narrative of a potential bullish breakout for VIRTUAL.
Growing network transaction count
The transaction count has reached 763.
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Source: ambcrypto.com
