This week, the crypto market sees key altcoins making significant upward moves. Virtuals Protocol stands out with a 26% rise following a recent breakout.
Retests Falling Wedge Breakout
From late November to early January, VIRTUAL experienced an explosive 846% rally, rising from $0.54 to a peak of $5.17 on January 2. However, after this uptrend, the price entered a correction phase, forming a falling wedge pattern. On February 14, VIRTUAL successfully broke out of the wedge's trendline, reaching a short-term high of $1.49 before pulling back for a retest at $0.96.
Technical Support and Further Movement
Following the successful retest, VIRTUAL gained momentum, bouncing to $1.29 with support from the 200-day moving average. The next key resistance is the 25-day moving average, and a move above this level would confirm the recovery rally, potentially leading to resistance levels at $2.08 and $2.61, which represents an upside of over 97% from current levels. The MACD indicator shows early signs of a potential bullish crossover, which could signal a momentum shift in favor of the bulls.
What’s Next for VIRTUAL?
With strong technical support and increasing buying momentum, VIRTUAL is showing early signs of a reversal. If the price holds above key levels and breaks through the 25 MA resistance, it could mark the beginning of a stronger rally toward previous highs.
Virtuals Protocol exhibits steady growth as it recovers from its correction phase. Breaking key resistance levels could initiate a stronger move toward previous highs.
