VIRTUAL, the key Cryptocurrency that leverages the decentralized platform to create Virtuals Protocol AI agents, has surged 24% in the last 24 hours. This double-digit rally has pushed the altcoin to the top of the price gain list during this review period.
VIRTUAL’s bull run has been accompanied by an impressive boom in its daily trading volume. This shows increased interest and demand for altcoins, suggesting that the current bull run could continue.
VIRTUAL Records Increase in Demand
The 24% jump in VIRTUAL’s value was driven by a 109% jump in daily trading volume over the past 24 hours, reaching $383 million in that time frame. This is a strong indicator, suggesting that the altcoin is likely to continue its growth momentum.
When the price of an asset increases along with its trading volume, this indicates strong market interest and buzzing activity around that asset. This combination suggests that the price increase is supported by significant buyer participation, making it more likely to be sustained.
Furthermore, VIRTUAL’s Long/Short Ratio supports this bullish view. According to Coinglass, the ratio was 1.02 at press time, pointing to higher demand for long positions.
When the Long/Short ratio of an asset exceeds 1, there are more long positions (bets that the asset price will rise) than short positions (bets that the price will fall) in the market. Higher demand for long positions reflects bullish sentiment, suggesting traders are optimistic about the asset’s future price movements.
VIRTUAL Price Prediction: 20-day EMA is key
On the daily chart, VIRTUAL trades just below its all-time high of $3.32, reached on December 16. This comes after it bounced off support provided by the Sugar The 20-day Exponential Moving Average (EMA) was at $2.31 during Monday’s trading session.
This important moving average tracks the average price of an asset over the past 20 days, giving more weight to recent prices for better trend analysis. When an asset bounces off the 20-day EMA as support, it means buyers are defending the level, reinforcing an uptrend. If this support level continues to hold, VIRTUAL is likely to reclaim its all-time high and rise above it.
However, if market sentiment changes and VIRTUAL Token breaks below the 20-day EMA, its price could drop to $1.11.