Virtuals Protocol Price Surges, Eyes $4 Target
Virtuals Protocol (VIRTUAL) price has experienced a significant uptick, rising by 20% in the past 24 hours and currently trading at $1.45. The surge comes after weeks of sideways movement, with the volume also seeing a substantial increase of over 100%. This recent momentum follows a breakout that began on April 25, marking a departure from the $0.4-0.8 range where VIRTUAL had been consolidating since mid-March. The price surge is a continuation of the rally that started after the token hit an all-time high of $5.07 on January 2.
Over the past week, VIRTUAL has been trading above the EMA-20 and SMA-50 indicators, indicating a bullish trend. The RSI is currently over 80, and the MACD line is well above the signal line. Additionally, the price has surpassed the SMA-100, signaling a shift in the long-term structure. The expanding BBW suggests that volatility is returning to the chart.
The recent price surge can be attributed to the introduction of Genesis Launch, a token distribution mechanism aimed at bringing users, developers, and AI agents into the VIRTUALS ecosystem. This mechanism allows users to pledge points in exchange for a potential allocation of 37.5% of the total token supply reserved for the presale. Allocations are determined based on each participant’s pledged points, with a maximum cap per user. The mechanism has increased demand for the token as users must also commit VIRTUAL tokens alongside their points.
Another factor contributing to the surge is the recent listing of VIRTUAL on Binance.US. Deposits on the Base (BASE) network opened recently, with trading for the VIRTUAL/USDT pair officially commencing.
Looking ahead, the immediate target for VIRTUAL is around $1.80, a previous support-turned-resistance level. The next target is likely at $2.70, aligning with the price range from the initial breakdown zone in February. If the momentum continues, VIRTUAL could potentially reach $4, marking a significant milestone after the all-time high and intersecting with the descending trendline.