Virtuals Protocol (VIRTUAL) rallied nearly 5% in the past 24 hours, accompanied by a 17% increase in Open Interest and a surge in daily trading volume to $71.1 million—more than double the previous day’s level. The price action has reached the $0.63-$0.65 local supply zone, an area that previously rejected bulls in mid-June. While the broader trend remains bearish, the improving short-term sentiment signals a potential shift if the $0.65 resistance is overcome.
Virtuals Protocol [VIRTUAL] rallied nearly 5% in the past 24 hours, with an Open Interest increase of nearly 17%. The rally, rising open interest, and stronger trading volume suggest improving short-term sentiment, although the broader trend remains under pressure. This was reinforced by high daily trading volume, which stood at $71.1 million at press time, more than double the previous day’s volume.
Bitcoin [BTC] was challenging the $65.2k local supply zone, which may have contributed to Monday’s rally in VIRTUAL. Virtuals Protocol introduced customizable tokenized indexes to the Robinhood Chain, allowing any user to publish a composite asset and earn fees when others mint the associated token.
The swing structure on the 1-day timeframe remains bearish. A move below the $0.459 swing low would indicate bearish trend continuation, while a rally past $1.19 is needed to flip the structure bullish. VIRTUAL’s 17% gain over the past week was set against this bearish backdrop, with the rally reaching the $0.63-$0.65 local supply zone—the same area that rejected bulls in mid-June.
The OBV has trended lower since May, and the 100% spike in daily trading volume could be misleading. Though the RSI was above 50 to signal upward momentum, a lack of sustained buying volume over the past two months indicated a weak bounce. In the short term, a rejection from the $0.65 local supply zone is expected, but if VIRTUAL prices breach this area, a bullish move as high as $1.04 and even $1.19 becomes possible.
Traders may maintain a bearish bias until $0.65 is conquered. Once flipped to support, swing traders could profit from a rally toward $1, though the higher timeframe structure remains bearish.
