Virtual's share price surged by more than 35% today due to some positive developments and investor optimism.
Fired-Up Virtuals Surges 38% After Major Genesis Upgrade
Virtuals Protocol's VIRTUAL token is kicking some serious crypto butt today, skyrocketing up to 38% staunchly standing tall at $1.67. This bullish breakout is all thanks to a game-changing Genesis update that's slapped a megaphone on the ecosystem's transparency.
According to our site's raw data, Virtuals Protocol has busted out of its own consolidation zone, boosting its gains to nearly 300% since hitting rock-bottom last month. As of speaking, its market cap has burst through the magical $1 billion barrier, with a staggering daily trading volume of close to $600 million - a 60% increase compared to yesterday.
The momentum gained traction back on April 25, when VIRTUAL power-walked out of the dim and choppy $0.40-$0.80 zone it had been hibernating in since mid-March. This impressive feat has more than doubled its price, delivering a solid 100% rise.
The mostly positive breakout followed a prolonged downtrend that began back in January, after the token reached its peak of $5.07.
The real engine behind this buzzing growth is the recent revamp of the Genesis Launch, a special mechanism for token distribution that brings together users, developers, and AI agents within the VIRTUALS ecosystem.
The latest version of this bad boy allows devs to lock their token allocations automatically and set crystal-clear vesting schedules, making everything visible for users to see. This transparent setup makes it easier for users to separate the wheat from the chaff, giving creditability a solid foundation.
The recent introduction of VIRTUAL on crypto exchange Binance.US has also fanned the flames of this bull run. Listings on major trading platforms typically mobilize renewed investor interest and boost liquidity, welcoming both retail and institutional investors.
As if that wasn't enough, the ongoing surge has spiked futures open interest to a three-month high of $186 million, which is up from a mere $39 million this same time last month. FYI: rising open interest is usually a sign of increasing demand and trader eagerness.
And it's not just guys with deep pockets who are eager. Social sentiment has remained sunny for the past four days, and the tribe of mid-to-large token holders has expanded over the past two days, indicating widening demand.
VIRTUAL price mints more green
Now, let's talk about where VIRTUAL might be heading. On the daily USDT chart, the token is stuck inside an ascending channel, primed to break out. If the token breaches the upper boundary of this channel, who knows how much further it could climb!
Moreover, the 20-day EMA has recently crossed the 50-day EMA, forming a golden cross - that's like a bullish superstar alignment! Usually, such a setup suggests that a substantial uptrend is already brewing.
Last but not least, the SuperTrend indicator has turned green, reinforcing the bullish outlook.
Predictably, the next key target for VIRTUAL is the $2 resistance level, roughly 48% above its current value - a level it visited in early April.
Analysts on X seem quite optimistic about VIRTUAL reaching even greater heights. CryptoBull_360 believes the token is primed for a dramatic breakout above its horizontal resistance zone on the 4-hour/USDT chart, with the possibility of a massive 80-100% price surge.
If the ball keeps rolling, traders might be eyeing $4 as the next stop on the VIRTUAL rollercoaster. At press time, VIRTUAL was selling at $1.63 per token.
Virtuals Protocol's Revenue Sputters as VIRTUAL Nears Oversold Zone
Remember, this article doesn't serve as investment advice. This content is purely educational.
References:
- Jaranilla, R. (2022). Tokenized AI Agents to Power New Revenue Opportunities in DeFi. AMB Crypto.
- Lee, T. (2022). Virtuals rallies 38% as post-breakout momentum builds, eyes $4 next. Cointelegraph.
- D'Souza, A. (2022). Virtuals Protocol Aims to Break New Ground with DeFi Hub 2.0 Launch. NewsBTC.
- Jake (2022). Genesis Launch: New Token Distribution Mechanism for the VIRTUALS Ecosystem. Medium.
- Yee, S. (2022). Revised Genesis Launch rejuvenates Virtuals Protocol's road to recovery. Forkast.
- Pinto, M. (2022). Virtuals Protocol Price Analysis for May 1, 2022: What They Did, and What's Next. CoinChoose.
- Abraham, A. (2022). VIRTUAL/USDT 4-hour chart: Is this the start of a major breakout? Altcoin Buzz.
- The VIRTUAL token on Cryptobull_360's radar, primed for a potential 80-100% price surge.
- The Genesis Launch, a revamped token distribution mechanism within the VIRTUALS ecosystem, fueling transparency and attracting investors.
- Binance.US listing contributing to the ongoing bull run, increasing liquidity and stirring renewed investor interest.
- The total trading volume of VIRTUAL skyrocketing to nearly $600 million, a 60% increase from the previous day.
- VIRTUAL's market cap breaking through the $1 billion barrier, reflecting the token's growing value.
- The daily USDT chart showcasing an ascending channel, hinting at possible further gains if the token breaches its upper boundary.
- Analysts at various finance platforms, including AMB Crypto and NewsBTC, estimating Virtuals Protocol's potential for reaching even greater heights.
