Journalist
Posted:
- VIRTUAL’s high relative strength versus the rest of the market was a sign.
- Prices could target $5.4 in the coming weeks.
Virtual protocol [VIRTUAL] is up 28.68% in the last 24 hours and there was no stopping the AI token. Trading volume was up 102% at the time of writing, reaching $402 million in the past 24 hours, data from CoinMarketCap showed.
Many altcoins performed well on Monday, December 23, 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. Last week’s resilient performance was notable despite a market sell-off.
The OBV has formed higher highs and higher lows over the past month, indicating strong buying pressure. The price also showed higher lows, highlighting an uptrend. The RSI value of 62 confirmed the bullish momentum.
However, the RSI has been hitting lower highs over the past week, while the price has been moving higher at the time of writing. A daily session near $2.95 would signal a bearish divergence. This indicates that the market is overloaded, but a pullback may not be imminent. Instead, the token could go past $3.32 before making any gains.
If demand remains strong, there may not be a downturn as not all differences lead to significant price declines.
Relative strength was an important argument
Source: TOTAL3 on TradingView
The altcoin market cap (excluding Ethereum [ETH]) showed a downward trend in December. It started to recover on Monday, but the structure was still firmly bearish.
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While the alt market cap fell 17% in seventeen days, Virtuals Protocol prices rose 90%. VIRTUAL’s high relative strength was a clear sign that more gains were likely to follow.
Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer