Virtuals Protocol hit a fresh all-time high of $1.42 on 29th November. At press time, the artificial intelligence crypto had retraced slightly to trade at $1.29, with 24-hour gains of 42%. Its market capitalization has also surged to $1.28 billion.shows that in 24 hours, VIRTUAL’s trading volumes increased by more than 100% to $166 million. These volumes were likely driven by the altcoin’sWhale interest in VIRTUAL has also risen in the past four days.
The wide gap between the positive DI and negative DI alongside the rising Average Directional Index further shows that the uptrend is strong.The Money Flow Index at 85 further shows that buying pressure is intense, and VIRTUAL may have reached overbought levels. Traders should watch out for a decline in the MFI as it will indicate that sellers are entering the market to take profits.
If the buying activity continues, VIRTUAL could likely flip its previous ATH and hit new highs. Conversely, if the uptrend weakens, a crucial support zone lies at $1.04, with a drop below set to accelerate the downtrend.The derivatives market is also fuelling gains for VIRTUAL. At press time, VIRTUAL’s open interest had surged by 90% to $30M. Additionally, derivative trading volumes were up by 171% to $167M.
Liquidations around VIRTUAL have also increased in the last 24 hours to $634,000 at press time. Leveraged short positions saw $492,000 liquidations, which could have driven further gains for VIRTUAL crypto due to forced buying.
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