The cryptocurrency market is experiencing a quick rebound after a sharp dip caused by the latest CPI data release. Bitcoin (BTC) has recovered above $96K, with major altcoins like Virtuals Protocol (VIRTUAL) and The Graph (GRT) showing signs of consolidation.
Virtuals Protocol Shows Resilience
VIRTUAL has been consolidating within a falling wedge pattern since reaching its all-time high of $5.12 on January 2. After a prolonged downtrend, it hit a low of $1.05 with support at the 200-day moving average. Now, VIRTUAL is bouncing back to $1.30 with key moving average support, and the MACD indicator hints at a potential bullish crossover. The next challenge is the 15-day MA. A breakout above this resistance could push VIRTUAL toward $2.10.
The Graph Approaches Resistance
GRT follows a similar falling wedge pattern, trading near the upper resistance at $0.14. The token recently found support at $0.1070, marking the wedge's lower boundary. A breakout and retest of this resistance could see the token rise to the 25-day simple moving average, potentially reaching $0.19.
Final Thoughts
Both VIRTUAL and GRT are showing resilience at their support levels, which could indicate a trend reversal. However, their further movement will largely depend on the broader market, especially Ethereum and Bitcoin dominance. If ETH extends its recovery and BTC dominance weakens, altcoins like VIRTUAL and GRT could gain further momentum.
VIRTUAL and GRT show potential for bullish breakouts. Investors should watch for breakout confirmations, which might signal the next significant move for these tokens.
