Virtuals Protocol [VIRTUAL] – Can altcoin hit $6 despite whale profit-taking?

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  • VIRTUAL rose by over 10% over a single 24-hour period
  • VIRTUAL risking liquidation of heavy leveraged orders at $3.10.

As a seasoned researcher with years of experience in the cryptoverse, I must say that the recent price action of VIRTUAL has certainly piqued my interest. The altcoin’s 10% surge within a single day is a clear indication of investor optimism and a strong market position for VIRTUAL.

In a recent development, the price of Virtuals Protocol (VIRTUAL) surged significantly, rising from approximately $2.95 to reach a high of $3.22. This surge equates to a substantial 10.57% increase in a single day, and its market capitalization also reached an impressive $3.22 billion during this period.

Although there was a decrease of 5.78% in daily trading volume to $290.57 million, the volume-to-market cap ratio stayed strong at 9.05%, indicating high levels of active trading.

As a researcher, I’ve noticed an uptick in the performance of the altcoin I’m studying, which seems to reflect growing investor confidence. This could suggest a robust market standing for this digital asset, possibly influencing its future price trends and trajectories.

VIRTUAL price action and prediction

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By examining the graph, it appears that VIRTUAL made a strong challenge to its all-time high (ATH) by attempting to exceed its resistance level. Initially, the price reached $2 and successfully broke through this point, paving the way for potential future increases as VIRTUAL eventually reached an ATH of $3.33.

After reaching these peaks, there was a subsequent drop, but the price found a steady level around $2, implying that previous resistance levels might now act as support. This indicates a positive trend for VIRTUAL, as its price movements suggest it may reach the $6 mark.

In other words, if the price drops below the consolidation area, it might lead to a second test of the middle line or even the lower border of the Bollinger Bands, providing crucial support.

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If the cost falls below this lower boundary, it might initiate a temporary downturn within the broader upward movement.

Liquidation heatmap and whale activity

The Liquidation Heatmap showed that there were significant concentrations of potential selling (or buying) at certain price thresholds, which tended to be areas where market prices were rapidly changing.

It’s worth mentioning that the heatmap indicated a significant potential for liquidations at the price point of $3.1074, with approximately 453,320 units of leverage potentially being forced out if the price reaches this level.

At this point, the price seems to have gathered around a crucial area, indicating increased trading action and possible turning points for upcoming price fluctuations.

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Previous patterns have shown that the price tended to get close to these thick liquidation areas, potentially due to traders trying to take advantage of changes in market opinion.

If VIRTUAL’s price maintains its interaction with these specific areas, it might instigate additional price oscillations near these liquidation points. This suggests the ebb and flow of supply and demand at crucial technical points in the market.

Eventually, a large investor using the Virtuals Protocol exchanged approximately 9,900 Bitcoin Cash (cbBTC) for about 1,913,000 units of VIRTUAL, which were worth roughly $896,000 at that moment in time.

After making this tactical decision, there was a substantial transaction involving the selling of around 1.026 million UNITS (VIRTUAL), fetching about $2.7 million. This operation resulted in an estimated profit of roughly $1.8 million.

This whale currently holds around 887,000 UNITS, valued approximately at $2.75 million – Indicating that this whale might be preparing for further price increases as they methodically cash out their gains.

Over this timeframe, the whale’s trading operations accumulated a grand total of $4.56 million in earnings, which translates to a staggering 5.1 times return on their original investment.

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2024-12-28 07:03