What to know:
- Virtuals Protocol (VIRTUAL) surges nearly 10% as bullish momentum strengthens amid rising crypto market confidence
- Open interest in VIRTUAL jumps 23.5% to $101.92M, signaling increased trader participation and growing market conviction
- Price action tests key resistance for the fourth time, with breakout potential targeting a move toward the $0.90 level
Virtuals Protocol (VIRTUAL) is moving in an upward direction following the changing conditions in the crypto market. Furthermore, the derivative data also supports the VIRTUAL’s upward potential with the rising open interest and volume. According to CoinMarketCap, VIRTUAL is currently trading at $0.8192, with a 24-hour gain of 9.94%.
Source: CoinMarketCap
Rising Open Interest and Volume Shows Potential
According to Coinglass, the VIRTUAL open interest increased by 23.50%, reaching $101.92 million, indicating rising derivatives exposure, stronger trader commitment, and growing confidence in the asset, suggesting potential for continued market activity and volatility.
Source: Coinglass
Furthermore, trading volume increased by 44.55%, reaching $199.40 million, reflecting heightened market participation, improved liquidity, and stronger momentum, suggesting increased trading activity and investor interest across the asset with continued positive sentiment in the market.
Also Read: VIRTUAL Eyes $0.75 Breakout Amid Strong Momentum and Buying Pressure
VIRTUAL Signals Potential Move Toward $0.90
Furthermore, the crypto analyst Umair Crypto revealed that VIRTUAL is pressing against a strong resistance zone that has already rejected the price three times, making this the fourth retest, a critical moment for traders.
Despite repeated failures, momentum is still building beneath the level, suggesting buyers are gradually gaining strength while sellers continue defending a well-established ceiling in the structure.
Source: Umair Crypto’s X Post
If there is a breakthrough of the price through resistance levels, then a rapid rise to $0.90 may be seen as liquidity unfolds and bullish momentum builds up.
On the other hand, rejection remains a possibility, which may drive the price down towards lower support zones. At this stage, the market is at an important junction, where either a breakout or a pullback may be seen.
VIRTUAL Technical Outlook Points to Bullish Reversal
According to TradingView, VIRTUAL is surging ahead on a strong positive breakout towards the 200-day EMA of $0.82577.
Following its bounce off the support level of $0.53, the asset experienced an 11.31% rally, breaking through the 20-day, 50-day, and 100-day EMAs. The uptrend indicates a major reversal in the direction of the price, where upside momentum lies with buyers.
Source: TradingView
Technical indicators highlight the strength of the trend. The RSI is positioned at 69.67 and is nearing overbought territory, whereas the MACD indicates an upward crossover along with growing green histograms.
Strong momentum prevails, although time is running out before approaching the resistance level of $0.825 on a long-term basis.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: VIRTUAL Holds $0.67 Support: Can Buyers Spark a $0.80 Recovery Rally?
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