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Virtuals Protocol Gains 28% in a Day: Should You Expect More Gains?
The cryptocurrency market has been witnessing significant fluctuations lately, with some assets experiencing substantial price movements. In the latest development, Virtuals Protocol has gained an astonishing 28% in just one day, sending shockwaves across the crypto community.
While it’s difficult to predict future performance with certainty, we will delve into the factors that might have contributed to this surge and whether it’s plausible for VIRTUAL to continue its upward trajectory.
Despite a broader altcoin market capitalization decline of 17% over the past seventeen days, Virtuals Protocol prices have defied the odds by increasing an impressive 90%. This stark contrast in performance between the two metrics underscores the complexities of cryptocurrency price movements.
From a technical perspective, it’s clear that VIRTUAL has exhibited strong buying pressure. The OBV (On Balance Volume) has formed higher highs and higher lows over the past month, which indicates sustained demand from investors. Furthermore, the price action has displayed higher lows, indicating an uptrend.
The RSI (Relative Strength Index) reading of 62 also supports this notion of bullish momentum. Although it’s worth noting that the RSI has formed lower highs in the recent period, a daily close above $2.95 would signal a bearish divergence, implying overextension and potentially leading to a pullback or correction.
However, even if such an event were to transpire, there is no guarantee that VIRTUAL won’t continue its ascent. Not all divergences result in significant price drops.
Given the asset’s strong relative strength compared to the broader altcoin market, it appears more likely than not that we will see additional gains for Virtuals Protocol.
Source: ambcrypto.com
