What you need to know
Virtuals Protocol is experiencing a weekly 90% increase.
The increased whale activity, as well as the spike in big trades indicate early accumulations and increasing investor confidence.
What factors could affect VIRTUAL’s price in the future?
VIRTUAL’s bullish trend may continue if buyer dominance and Spot Market activity increase.
Virtuals Protocol [VIRTUAL] Prices have risen by 90 percent in the last week. At the time of publication, it was still trading at $1.40.
AMBCrypto examined the reasons behind VIRTUAL’s explosive weekly growth.
Virtual Protocol has gained more confidence
Recent price increases highlight a growing level of optimism for Virtuals Protocol. The current price rise could be due to whales on the Spot Market and Futures.
AMBCrypto’s analysis of Average Order size metric for the token reveals an increase in significant trades. This indicates growing interest among high volume traders.
This is a sign of early accumulation, which can lead to more sustained rallies.
Source: CryptoQuant
Buy Dominance against Slowdown in Spot Volume
It is important to note that not all indicators are aligned with the recent rally. The current market shows an obvious tug-of war. One side is a group of buyers who are very aggressive, showing their conviction about the potential of an asset.
The market is also cooling on the Spot Exchanges, which usually precedes a short term correction or consolidation.
The Futures market always takes precedence over the Spot Market (which, of course, is under control of the owner).
The Spot activity could catch up in a short time.
Source: CryptoQuant
VIRTUAL’s prices are currently influenced most by buyer dominance in both Spot Markets and Futures.
This token may continue to rise if this pressure of buying continues to exceed the slower pace in the Spot markets. If the momentum waned, VIRTUAL could pull back and try to rally again from lower levels of support.
Source: CryptoQuant
Technical indicators indicate…
VIRTUAL’s price movement is bullish on the daily chart. Following a prolonged consolidation phase of the last four month, the token’s structure finally turned positive.
Many investors predicted a drop in price on the 10th October after the Altcoin dropped below its pennant-triangle pattern.
Over the last week the price of the token surged, and it successfully broke through $1.4191, the important resistance level.
Although the Spot Market is slowing down, the imbalance in price between $1.0177 to $1.2030 provides a zone of strategic consideration for those who have held the Spot currency long term. They can consider entering the market again during any correction.
TradingView
What are the possibilities for Virtual?
For the moment, the mood is still cautiously optimistic.
The upward trend will be further confirmed by continued buying and increased network activity. It will be interesting to see how this rally develops over the coming sessions.
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Source: ambcrypto.com
