Journalist
Posted:
- High relative strength for VIRTUAL against the rest of the market was a sign.
- Prices could target $5.4 in the coming weeks.
Virtuals Protocol [VIRTUAL] has gained 28.68% in the past 24 hours and there was no stopping the AI token. Its trading volume was up by 102% at press time and was at $402 million in the past 24 hours, data from CoinMarketCap showed.
Many altcoins performed well on Monday the 23rd of December, but VIRTUAL was one of the popular ones that was close to price discovery despite the volatility of the past week.
Virtuals Protocol prices target $5.4
Source: VIRTUAL/USDT on TradingView
The token’s market cap was $3.2 billion and could grow significantly during a bull run. Its resilient performance in the past week was notable despite a market sell-off.
The OBV has formed higher highs and higher lows in the past month, indicating strong buying pressure. The price also showed higher lows, highlighting an uptrend. The RSI’s reading of 62 confirmed bullish momentum.
However, the RSI formed lower highs in the past week, while the price pushed higher at press time. A daily session close above $2.95 would signal a bearish divergence. This indicates the market is overextended, but a pullback may not be imminent. Instead, the token could push beyond $3.32 before retracing some gains.
If demand remains strong, there might not be a pullback, as not all divergences lead to notable price drops.
Relative strength was a key argument
Source: TOTAL3 on TradingView
The altcoin market capitalization (excluding Ethereum [ETH]) has been trending downward in December. It began to recover on Monday, but its structure was still firmly bearish.
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While the alt market cap dropped 17% in seventeen days, Virtuals Protocol prices were up 90%. The high relative strength for VIRTUAL was a firm sign that more gains were likely to follow.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
