The price of VIRTUAL has surged, solidifying its leading position in the AI space and is now ranked 4th among the largest AI coins in the market, surpassing WLD. With an impressive increase of 536.03% over the past 30 days, VIRTUAL has also made it into the Top 50 largest cryptocurrencies by market capitalization.
The strong growth of this altcoin is driven by significant momentum, pushing the price to new highs. However, with the RSI having dropped from the overbought zone, traders are closely monitoring potential corrections that may challenge the current upward trend.
The RSI of VIRTUAL shows weakness
The Relative Strength Index (RSI) of VIRTUAL is currently at 63.48, sharply down from 83 just one day earlier. RSI is an important momentum indicator that measures the speed and strength of price changes on a scale from 0 to 100.
Values above 70 indicate overbought conditions, reflecting strong upward momentum, while values below 30 indicate oversold conditions and potential undervaluation. The RSI of VIRTUAL has now quickly dropped below the overbought zone, signaling that the upward momentum is losing steam and the price may further correct.
The RSI of VIRTUAL | Source: TradingView
The BBTrend of VIRTUAL is still at a high level
The BBTrend of VIRTUAL is currently at 38.3, a significant increase from -0.01 on December 14th. This sharp increase indicates a major shift in momentum, reflecting strong bullish activity.
BBTrend, calculated based on the Bollinger Band indicator, measures price momentum and the direction of the trend. Positive values indicate an upward trend, while negative values reflect bearish pressure. A strong move into the positive zone indicates that the prevailing trend of VIRTUAL remains bullish.
The BBTrend index of VIRTUAL | Source: TradingView
However, BBTrend has slightly decreased from the high of 38.7 yesterday, signaling a slowdown in the upward trend.
VIRTUAL price prediction: Will it drop to $2?
The price of VIRTUAL is currently correcting after reaching a new all-time high of $3.32. This correction is occurring at the same time the RSI indicator quickly drops below the overbought zone, indicating that short-term traders are taking profits.
VIRTUAL/USDT 4-hour chart | Source: TradingView
If the correction continues, the price of VIRTUAL may adjust to $2.33. This is an important support level that the bulls need to hold, as breaking below this level would signal the end of the short-term upward trend. Subsequently, the price of VIRTUAL could quickly drop to the next support level at $1.95.
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