Virtuals Protocol (VIRTUAL) Hits 3-Month High as Bitcoin’s $100,000 Rally Fuels Altcoin Surge

VIRTUAL has rocketed nearly 40% in the past 24 hours, emerging as the top performer in the crypto market. 

These double-digit gains come as leading coin Bitcoin (BTC) recently reclaimed the $100,000 price, sparking a broader rally across altcoins. 

VIRTUAL’s Surge Shows No Signs of Slowing Down

Currently trading at a three-month high of $2.14, the VIRTUAL token rally shows no signs of slowing down. Technical indicators on the daily chart suggest the momentum may continue in the short term as the buying pressure in the market strengthens.

One such indicator is VIRTUAL’s accumulation/distribution (A/D) line, which is in an uptrend at press time, confirming the high buying activity in the market. It currently stands at -65.53 million.

VIRTUAL A/D Line. Source: TradingView

The A/D line measures an asset’s buying and selling pressure by analyzing its price movements alongside trading volume. A rising A/D line like this signals strong accumulation among market participants. It indicates that VIRTUAL buyers are increasing demand and driving prices higher.

Further, the altcoin’s rising Chaikin Money Flow (CMF) supports this bullish outlook.  As of this writing, the momentum indicator rests above the center line at 0.19, indicating high buying pressure. 

VIRTUAL CMF. Source: TradingView

The CMF indicator measures an asset’s accumulation and distribution trends by analyzing price and volume over a set period. A positive CMF reading like this suggests strong buying pressure. It confirms that more money is flowing into VIRTUAL and signals the potential continuation of its upward price momentum.

VIRTUAL Set for Rally Toward $2.79

VIRTUAL is trading at $2.14, just below the resistance level of $2.22. If buying pressure continues, the altcoin could flip this resistance into a support floor, setting the stage for a rally toward $2.78, possibly beyond $3.

However, while the bullish outlook remains, caution is advised. VIRTUAL’s Relative Strength Index (RSI) has reached overbought levels, indicating that a market correction could be on the horizon. 

VIRTUAL Price Analysis. Source: TradingView

If selloffs resume, the VIRTUAL token could drop recent gains and plunge to $1.53.