Digital Front-runs Top 100 Gainers' List! Sustainability of This Surge Pondered - Insights Given
Hey there! Let's dive into the latest on VIRTUAL (VIRTUAL), the cryptocurrency that's gained a whopping 50% in the last 24 hours. That's the highest rise in this period, as per CoinMarketCap.
Over the past 90 days, VIRTUAL has been on fire, ranking 5th among the top 100 coins with a 71.16% increase. However, our analysis of the Relative Strength Index (RSI) suggests that a brief pause might be on the horizon.
A Potential Correction in Sight
Our website's RSI analysis indicates that VIRTUAL could soon enter a correction phase. Here's the lowdown on the RSI: It determines whether an asset is overbought or oversold based on the chart reading.
When the RSI exceeds 70, it suggests the asset is overvalued, and a price drop may ensue. But don't worry, as the Money Flow Index (MFI) hints at a minimal drop. At press time, the MFI was 73.77, indicating ongoing liquidity inflow, reducing the chances of a sharp decline.
Liquidity Clusters Impacting the Price Trajectory
CoinGlass's Liquidation Heatmap reveals some intriguing findings. Liquidity clusters for VIRTUAL are clustered between $1.6 and $1.8. These zones, marked by green and yellow, are like magnetic forces that could pull VIRTUAL towards them when the price reaches these levels.
The Tide Turning for Buyback
If you recall, VIRTUAL spot traders offloaded a total of $788,490 worth of the asset on May 8. But here's an interesting twist: As of press time, these same traders have bought back a massive $1.96 million worth of VIRTUAL.
What's more, in derivatives, the Funding Rates have turned positive, which means Futures traders are optimistic once again, hinting at another upside continuation.
Thus, if the buying activity continues in both spot and derivative markets, VIRTUAL is likely to resume its upward momentum.
[1] The projected upward potential is based on the current market trends, technical analysis, and sentiment. However, it's important to note that cryptocurrency markets are volatile and unregulated, and past performance is not always indicative of future results.
[2] Source: CoinMarketCap
[3] Source: DigitalCoinPrice
[4] Source: TradingView
[5] Source: CoinSwitch
[6] Source: CoinGlass
- Amidst the soaring gains of VIRTUAL, some analysts are predicting a potential short-term pullback due to an overvalued Relative Strength Index (RSI), with a brief correction being possible.
- As the crypto market continues to evolve, investors have been showing increased interest in alternative coins like VIRTUAL, with Bitcoin and Ethereum still dominating the finance and investing landscape.
- The technology behind cryptocurrencies, such as blockchain, is expected to play a significant role in shaping the future of the finance industry, with innovations in areas like smart contracts and decentralized finance (DeFi) expected to gain traction in the coming years.
