Virtual has lost almost 40% in the last 24 hours and has emerged as the top performer of Crypto Market.
These double-digit profits came as the major Coin Bitcoin (BTC) recently regained a price of $100,000, leading to wider gatherings across Altcoins.
Virtual surges show no signs of slowing down
The virtual token rally, currently trading at a three-month high of $2.14, shows no signs of slowing down. Technical indicators on the daily chart suggest that momentum could continue in the short term as market purchase pressures increase.
One such indicator is the hypothetical accumulation/distribution (A/D) line. This is on an upward trend at the time of pressing, confirming high purchasing activity in the market. Currently, it is -65.53 million.
The A/D line measures the buying and selling pressure of assets by analyzing price movements along with trading volumes. Such rising A/D lines show strong accumulation among market participants. It shows that virtual buyers are increasing demand and increasing prices.
Additionally, Altcoin’s Rising Rising Chaikin Money Flow (CMF) supports this bullish outlook. At the time of writing, the momentum indicator is above the centerline of 0.19, indicating high purchase pressure.
The CMF indicator measures the accumulation and distribution trends of assets by analyzing prices and quantities over a set period. Such positive CMF reads suggest strong purchasing pressure. It shows a potential continuity of its upward price momentum, confirming that more money is flowing into the virtual.
Virtual set for rally towards $2.79
Virtual is trading at $2.14, just below the $2.22 resistance level. As purchase pressure continues, Altcoin can flip this resistance over the support floor, reaching the rally stage at $2.78, possibly over $3.
However, bullish outlook remains, but we recommend paying attention. Virtual’s relative strength index (RSI) has reached an overbought level, indicating that market corrections may be on the horizon.
If Selloffs resumes, virtual tokens could drop their recent profits and plummet to $1.53.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
