Virtuals Protocol [VIRTUAL]– Can altcoin strike $6 in spite of whale profit-taking?

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Published: December 28, 2024

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• VIRTUAL rose by over 10% over a single 24-hour duration
• VIRTUAL running the risk of liquidation of heavy leveraged orders at $3.10.

Virtuals Protocol (VIRTUAL) signed up a walking in rate just recently, with the altcoin climbing up from around $2.95 and peaking at $3.22. This motion represented a 10.57% walking within simply one day, with its market cap striking $3.22 billion too.

In spite of a 5.78% drop in day-to-day trading volume to $290.57 million, the volume-to-market cap ratio stayed healthy at 9.05%– An indication of robust trading activity.

The altcoin’s current efficiency is.an indication of financier optimism. This indicated a strong market position for VIRTUAL, possibly affecting its future cost trajectories.

VIRTUAL cost action and forecast

Checking out the chart, VIRTUAL revealed an engaging test of its ATH with efforts to exceed its resistance level. The cost very first peaked at $2 with a development at that level, setting the phase for more rallies with VIRTUAL striking an ATH of $3.33.

The subsequent retreat from these highs, nevertheless, saw the rate support near $2, meaning resistance-turned-support characteristics. This supported a bullish outlook, with VIRTUAL’s cost action recommending it might strike the $6-mark.

Source: Trading View

Alternatively, a dip listed below the debt consolidation zone might trigger a retest of the Bollinger Bands’ mid-line or perhaps its lower border, using crucial assistance.

If the rate breaches this lower band, it might set off a short-term bearish pattern within the overarching uptrend.

Liquidation heatmap and whale activity

The Liquidation Heatmap showed focused liquidation levels at particular cost points where cost motions prevailed.

Especially, the heatmap revealed heavy liquidation take advantage of at $3.1074, where 453.32 k in take advantage of were at threat of liquidations if the cost strikes that level.

This level represents an important zone where the rate has actually gravitated to, recommending increased trading activity and possible pivot points for future motions.

Source: Coinglass

Previous patterns likewise exposed that the cost typically approached these thick liquidation zones, potentially driven by traders intending to take advantage of shifts in market belief.

If VIRTUAL’s cost is to continue communicating with these zones, it might set off additional cost changes around these liquidation levels. This represented the characteristics of supply and need at crucial technical levels within the marketplace.

A Virtuals Protocol whale switched 9.9 cbBTC for 1.913 million VIRTUAL, valued at around $896,000 at that time.

This tactical relocation was followed by a substantial sale, where the whale unloaded 1.026 million VIRTUAL for $2.7 million, recognizing a revenue of roughly $1.8 million.

Source: The Data Nerd/X

The whale keeps 887,000 VIRTUAL now, worth about $2.75 million– An indication that the whale is preparing for more uptrend while methodically taking revenues.

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