The price of Virtuals Protocol ($VIRTUAL) has started to rise after several weeks of sideways action, which might strengthen its position up to $4.
Price Overview
In the last 24 hours, Virtuals Protocol’s price increased by 20%, currently standing at $1.45. Trading volume surged over 100%. The upward movement began on April 25, when the price broke out of the range of $0.4-$0.8, where it had been consolidating since mid-March after a steep decline following the ATH of $5.07 on January 2. Since breaking out of this range, the price has risen by over 60%.
Catalysts Behind Price Surge
Key factors contributing to the increase include the recent introduction of Genesis Launch, a token distribution mechanism designed to onboard users and developers into the Virtuals ecosystem. This mechanism allows users to exchange points for a distribution of 37.5% of the total token supply set aside for presale. Additionally, the announcement of VIRTUAL’s listing on Binance.US likely also contributed to the surge.
Future Growth Prospects
Looking ahead, the immediate target for the price is around $1.80, which corresponds to a previous support-turned-resistance level. The next potential target is near $2.70, aligning with the price range from the initial breakdown zone in February. If momentum persists, it may reach $4, marking a significant price point following ATH and intersection with the descending trendline.
Overall, the price of Virtuals Protocol shows positive momentum and could continue to rise in the coming weeks due to both technical factors and news events.
