The price of Virtuals Protocol has started to increase after a period of inactive trading, potentially targeting $4 if this trend continues.
Virtuals Protocol (VIRTUAL) has experienced a 20% rise in the last 24 hours, now priced at $1.45, with trading volume surging over 100%. This increase extends the upward movement that began on April 25, when the VIRTUAL price broke out of the $0.4 to $0.8 range, a zone it had been stuck in since mid-March following a significant downtrend that culminated in an all-time high of $5.07 on January 2. Since escaping this consolidation phase, VIRTUAL has gained over 60%.
The price has maintained trading above both the EMA-20 and SMA-50 for the last week, as bullish momentum builds, with the RSI surpassing 80 and the MACD line substantially above the signal line. Additionally, it has moved above the SMA-100, signifying a change in long-term momentum. The BBW is widening, indicating that volatility is returning to the chart.
The recent surge seems to be driven by the launch of Genesis Launch, a token distribution initiative designed to engage users, developers, and AI agents within the VIRTUALS ecosystem. This initiative allows users to pledge points in exchange for a chance to access 37.5% of the total token supply set aside for the presale. Allocations are dynamically calculated based on each user’s proportion of the total pledged points, capped at 0.5% of the total token supply per user. As users are required to commit VIRTUAL tokens along with their points (up to 566 VIRTUAL per entry, including a 1% tax), this initiative has significantly boosted demand for the token.
Another probable reason behind today’s price increase is the announcement of VIRTUAL’s listing on Binance.US. Deposits on the Base (BASE) network began yesterday, with trading for the VIRTUAL/USDT pair officially starting today.
Looking ahead, the immediate target is around $1.80, aligning with a previous support-turned-resistance level. The next major target is near $2.70, which corresponds to the price range from the initial breakdown zone in February. If this momentum continues, it could reach $4, marking the first significant lower high after the ATH and intersecting with the descending trendline.
