VIRTUAL is up more than 10% in a 24 hour period
VIRTUAL faces the risk of liquidation of large leveraged orders at $3.10.
Virtuals Protocol (VIRTUAL) has just seen a significant price increase, as the digital currency climbed from around $2.95 and peaked at $3.22. The move represents a 10.57% increase in just one day, while the market capitalization reached $3.22 billion. .
Even though daily trading volume fell 5.78% to $290.57 million, the volume-to-market-cap ratio remained at a healthy 9.05% – a sign of strong trading activity.
The recent performance of this altcoin shows optimism from investors. This points to VIRTUAL's strong market position, which is likely to influence the price movement in the future.
VIRTUAL Price Action and Forecast
Looking at the chart, VIRTUAL showed an attractive test of its ATH with attempts to break above the resistance. The price first peaked at $2 with a breakout there, setting the stage for further upside as VIRTUAL reached an ATH of $3.33.
The pullback from these highs then saw the price stabilize around $2, suggesting a resistance-turned-support move. This supports a bullish view, with VIRTUAL’s price action suggesting it could hit $6.
Source: Trading View
Conversely, if the price falls below the consolidation zone, it could lead to a retest of the Bollinger Band midline or even the lower band, which provides important support.
If price breaks below the lower band, this could trigger a short-term downtrend within the overall uptrend.
Liquidation heat map and whale activity
The Liquidation Heat Map shows concentrated liquidation levels at specific price points where price action is strong.
Notably, the heatmap shows a large liquidation leverage level at $3.1074, where 453.32K leverage is at risk of liquidation if the price hits this level.
This level represents an important area where price has moved to, suggesting increased trading activity and potential pivot points for future movements.
Source: Coinglass
Previous trends also show that prices often approach these dense liquidation zones, possibly due to traders looking to take advantage of the shift in market sentiment.
If VIRTUAL price continues to interact with these zones, it could trigger further price movements around these liquidation levels. This represents supply and demand dynamics at key technical levels in the market.
Finally, a Virtuals Protocol whale swapped 9.9 cbBTC for 1.913 million VIRTUAL, worth around $896,000 at the time.
This strategic move was followed by a massive sell-off, as the whale sold 1.026 million VIRTUAL for $2.7 million, netting a profit of around $1.8 million.
Source: The Data Nerd/X
Currently, the whale still holds 887,000 VIRTUAL, worth around $2.75 million – a sign that the whale is expecting an uptrend while regularly taking profits.
The whale’s trading activity during this period brought in a total profit of $4.56 million, generating an impressive return of 5.1 times the initial capital.
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