VIRTUAL Token Rallies 24%, Eyes New All-Time High
The post VIRTUAL Token Rallies 24%, Eyes New All-Time High appeared on BitcoinEthereumNews.com.
VIRTUAL, the native token that powers the decentralized platform for creating AI agents Virtuals Protocol, has rocketed by 24% in the past 24 hours. This double-digit rally has propelled the altcoin to the top of the gainers list during the review period. VIRTUAL’s rally is accompanied by a remarkable surge in its daily trading volume. This indicates heightened interest and demand for the altcoin, suggesting that the current rally may continue. VIRTUAL Sees Rise in Demand The 24% surge in VIRTUAL’s value has been driven by a 109% spike in daily trading volume over the past 24 hours, reaching an impressive $383 million within that timeframe. This is a bullish indicator, signaling that the altcoin is poised to extend its gains. VIRTUAL Price and Trading Volume: Source: Santiment When an asset’s price increases alongside its trading volume, it indicates strong market interest and heightened activity around the asset. This combination suggests that the price increase is backed by significant buyer participation, making it more likely to be sustained. Further, VIRTUAL’s Long/Short Ratio supports this bullish outlook. Per Coinglass, it is 1.02 at press time, indicating a higher demand for long positions. VIRTUAL Long/Short Ratio. Source: Coinglass When an asset’s Long/Short Ratio is above 1, there are more long positions (bets that the asset’s price will rise) than short positions (bets that the price will fall) in the market. Higher demand for long positions reflects bullish sentiment, indicating traders are optimistic about the asset’s future price movement. VIRTUAL Price Prediction: The 20-day EMA Is Key On the daily chart, VIRTUAL trades just below its all-time high of $3.32, which it last reached on December 16. This comes after it bounced off the support offered by its 20-day Exponential Moving Average (EMA) at $2.31 during Monday’s trading session. This key moving average…
Filed under: News - @ December 24, 2024 12:27 pm