Virtuals Protocol Explodes 28% as Bulls Shatter Key Resistance Levels

• VIRTUAL rallies 28%, crossing major EMAs at $1.05 and $1.25.

• Market cap hits $1.01B with $824.84 million 24h volume.

Virtuals Protocol (VIRTUAL) has performed exceptionally, and it has shot up 28% in the recent trading session to hit the price of $1.55, a strong recovery that has attracted the focus of crypto traders. The trading volume of this impressive rally is high at $824.84 million in the last 24 hours, which shows that it is heavily traded by institutions and retail investors. The market capitalization of the token has reached $1.01 billion, and the confidence in the project fundamentals has increased.

Technically, VIRTUAL has clearly broken out of both its critical moving averages, which is a possible indication of a reversal in the trend. The price has now surged far above the 50-day exponential moving average of $1.05 and has broken past the important 200-day EMA of $1.25, which has historically served as a strong resistance point. This cross structure with shorter-term averages crossing longer-term averages is usually an indication of the onset of a long-term uptrend and draws momentum traders to the asset.

What Next For Virtuals Protocol (VIRTUAL) Price?

The Relative Strength Index is at 74.65, which is well in the bullish region and is on the verge of being overbought. Although this is a sign of good buying momentum, traders are advised to watch out of possible consolidation at the present levels, before the next leg up. The MACD indicator has become positive with the values of 0.09808 and 0.06806, and the bullish momentum is increasing as the histogram bars are increasing green. The overlapping of the MACD lines above the zero line is an affirmation of the strength of the current uptrend.

The sentiment analysis of the market shows that people are overwhelmingly optimistic, with 83% of the community having a bullish opinion, than only 17% having a bearish opinion as per CMC data. The sentiment indicator has shot to a level of 0.04014, which indicates the bullish mood of investors in regard to the performance of VIRTUAL. This is a positive feedback mechanism between the price movement and the community mood that often promotes additional profits in the VIRTUAL price.

In the upcoming sessions, the psychological level of $2.00 is the next target that technical analysts are targeting. The token has cleared its downward trendline resistance that had limited prices since August, providing space for further rise. Nevertheless, traders are advised to be wary of possible profit-taking around the round-number resistance levels and keep the right risk management measures since the volatility is high.

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