Overview- Main Points
- VIRTUAL price also spiked 12 percent in the past 24-hours and is trading around 1.85.
- Severe price movement above 50-day and 200-day EMAs indicate that the price is in a bullish trend.
- At the level of $0.40, there is still support following several tests.
- The RSI of 55.35 represents a neutral to bullish momentum.
- Future rally can start with a possible breakout over 2.00.
- Short-term resistance: 2.00 and 2.50; Important support: 0.40.
Virtuals Protocol (VIRTUAL) Bull Run, What is Driving it?
On daily chart, the signs of strength are quite evident in the case of Virtuals Protocol (VIRTUAL) which is 12 percent up in the past 24 hours and is trading at around the current price of 1.85 dollars. This follows a long period of correction, which has seen the token drop off its January records of $5.11 to a low of 0.40—a loss of more than 92-percent.
Its recent bounce back and technical indicators, though, indicate the possibility of a powerful bullish comeback being in the process.
Technical Signals: Positive Structure Formed
1. EMA Support Confirms Trend upwards
VIRTUAL is trading above the 50-days and above the 200-days EMA—a good indication on any asset which forms a strong bullish indicator. These moving averages have been offering dynamic support and they reveal that the trend is drifting upwards.
2. RSI with a Volatile Momentum
Relative Strength Index (RSI) is at 55.35 that has become out of oversold in the early part of the year. This ambiguous reading is an indication of reducing sales pressure and emerging bullish pressure.
3. Awesome Oscillator: Signals Divergence
The Awesome Oscillator still remains in a negative side at -0.1085, but it features smaller red bars, meaning that the downward momentum is decreasing. This could be an indication of bullish divergence, and it is frequently exhibited ahead of a buy reversal.
Important Levels to Be Aware of
- Resistance Zones: $2.00 (psychological level), $2.50
- Support Zone: 0.40 (critical level tested severally)
A rally above the $2.00 mark may create additional purchasing impetus and set the stage towards $2.50 and above. Conversely, the inability to sustain the price above the level of $1.85 may result in VIRTUAL retesting the powerful support level of $0.40, which is the break-or-make area of the asset.
Source: Tradingview
Is VIRTUAL Able to keep this streak?
The present technical environment is promising to VIRTUAL. Bulls can take the ascendancy with heavy backing of moving averages and neutral momentum indicators with diminishing bearish force on the expectation that the bulls can break above the cost of $2.00.
Provided such momentum holds, VIRTUAL may kick off a new leg upward, and the interest in the asset will reach traders and investors who seek value opportunities in the altcoin market.