VIRTUAL Surges 11% – Key Support Level Critical for Continued Growth

Virtuals Protocol (VIRTUAL) saw a notable increase of approximately 11% within a 24-hour period, marking a significant recovery following recent selling pressures. This rise is attributed to the support from a key pennant trend line and a positive shift in trading behaviors among both retail and institutional investors.

Key Takeaways

An essential pennant support level was retested, leading to an 11% price recovery, with the Stochastic RSI moving up from oversold levels.
Whale accumulation and bullish Futures Taker CVD indicate that VIRTUAL may continue its upward trajectory if the buying pressure remains strong.
The price rebound has attracted both retail and institutional traders as it confirms the importance of the support level around $0.90.

Virtuals Protocol, VIRTUAL

Renewed Confidence From Key Support Retest

The consistent validation of the pennant support level has rejuvenated trader confidence, drawing in both individual investors and larger players in the market. With the price balance around $0.90 now restored, the momentum from this demand zone is likely to prompt further recovery in the near future.

In addition, the Stochastic RSI for Virtuals Protocol has confirmed this potential continuation, bouncing back from the oversold zone on the daily chart.

Virtual price analysis Source: TradingView

Recent data from CryptoQuant's Futures Taker CVD shows that buyers regained control in recent weeks. This consistent buying pressure could support the expected rally. Furthermore, the increase in dominance points to active long positions propelling the recent price movement, as opposed to slow Spot accumulation.

Virtual Taker CVD Source: CryptoQuant

Aligned Bullish Behavior of Whales and Retail Investors

As the derivatives environment improves, whale activities have become more pronounced. The Futures Average Order Size charts have displayed an increase in substantial whale orders around the current price levels. Retail investors are also participating, with their activity steadily increasing as they take advantage of the price dip. This synchronization between retail buyers and whales often bolsters short-term bullish patterns.

Virtual Average Order Size Source: CryptoQuant

Growing Bullish Momentum in Futures Activity

In the derivatives market, the increasing long activity suggests that traders are preparing for a continuation rather than just a temporary rally. With the pennant pattern still upheld and prices staying above the reaction zone, a rise in futures participation may drive further increases in VIRTUAL's price.