Institutional interest escalating for Virtuals Protocol (VIRTUAL), fuelling a 183% surge and potentially leading to further growth.
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VIRTUAL's Stunning April Gains Buck Crypto Market Trend
While the overall crypto market has been on a rollercoaster ride in April, VIRTUAL stands out as the SNAPBACK champion, recording significant gains. The altcoin has seen an astounding 183% increase over the past month, making it one of the few tokens to report substantial growth in an otherwise dull market.
VIRTUAL has surged by a whopping 22% just in the last 24 hours, making it the top-performing crypto asset of the day. With institutional interest heating up, it's looking like VIRTUAL will continue its upward trend.
The Smart Money is Betting on VIRTUAL
VIRTUAL kicked off its rally on April 22 and has been consistently marking new daily price highs since then. The asset's increasing value has been mirrored by a rise in its Smart Money Index (SMI), which now stands at 3.07.
The SMI indicator tracks the trading activity of institutional investors, often referred to as the "smart money." By examining intraday price movements during the first and last trading hours, it reveals patterns in the actions of big-time investors.
Earn up to $2,888 with BYDFi - Join NowWith the SMI climbing together with VIRTUAL's price, it's clear that major players are accumulating positions in the asset, demonstrating increasing confidence in its potential for continued growth. The current surge in the SMI suggests that these institutional players are actively adding VIRTUAL to their portfolios, potentially aiming for more profits.
The token's rising Chaikin Money Flow (CMF) further bolsters the bullish prediction. At the moment, this momentum indicator is at 0.25 and continues to trend upward.
The CMF indicator measures capital inflows and outflows from an asset and reflects traders' sentiment. The current CMF reading reinforces VIRTUAL's price surge and hints at the possibility of a continued upward spiral in the short term.
VIRTUAL's Price Action Signals Further Growth
Since April 22, VIRTUAL's triple-digit surge has led it to trade within an ascending parallel channel. This pattern emerges when an asset's price makes a series of higher highs and higher lows, sandwiched between two upward-sloping, parallel trendlines.
This pattern suggests a bullish trend, indicating that VIRTUAL's price might keep rising as long as it remains within the channel. If the asset continues its climb, staying within the channel, it could trade at $2.26.
However, if profit-taking activity intensifies, this bullish forecast won't come to fruition. If investors begin to sell off, VIRTUAL could lose its recent gains, plummet below $1.55, and potentially slide down to $0.96.
Check out Uphold, eToro, Plus500, Coinbase, Moonacy - Start Trading NowRemember, this analysis is for informational purposes only and is not intended as financial or investment advice. ALWAYS do your own research and consult a professional before making any financial decisions. The content provided may have been updated to meet our Terms and Conditions, Privacy Policy, and Disclaimers.
Editor's Note: The technical indicators and market sentiment, trading volume and liquidity inflows, on-chain activity and divergence, market predictions, and AI sector tailwinds may play a significant role in the future performance of VIRTUAL. However, potential risks include overbought conditions leading to corrections and regulatory uncertainties impacting the cryptocurrency market as a whole.
- Despite the crypto market experiencing volatility in April, VIRTUAL, an altcoin, has recorded a noteworthy 183% increase over the past month, making it one of the few tokens showing substantial growth.
- VIRTUAL's astounding performance was further boosted by a 22% surge within the last 24 hours, making it the top-performing crypto asset of the day.
- With the Smart Money Index (SMI) of VIRTUAL standing at 3.07, it's evident that major players are actively accumulating positions in the asset, indicating increasing confidence in its potential for continued growth.
- The rising Chaikin Money Flow (CMF) of VIRTUAL, currently at 0.25 and trending upward, further supports the bullish prediction.
- Since April 22, VIRTUAL has traded within an ascending parallel channel, indicating a potential for further growth as long as it stays within the channel.
- However, it is important to note that this analysis does not serve as financial or investment advice, and traders should always conduct their own research and consult a professional before making any financial decisions.
