At the start of this month, Virtuals Protocol was priced at $3.92. Just yesterday, it reached an all-time high (ATH) of $5.26. However, the rally didn’t last long, and the market took a sharp turn. Over the past 24 hours, the VIRTUAL price has dropped by 10.6%. What caused this sudden decline, and what’s in store for VIRTUAL? Let’s explore.
The AI coin market has been on the rise, with a 6% growth in market cap over the last 24 hours. Top tokens like NEAR Protocol, Internet Computer, Bittensor, and Render have all seen gains in the past week, rising by 5.0%, 3.4%, 8.9%, and 2.4%, respectively.
Among these, Virtuals Protocol has stood out, recording a 34.7% increase over the past week—the highest among the top AI tokens. This impressive growth led to its ATH of $5.26 yesterday, marking a major milestone.
Despite its strong performance, Virtuals Protocol couldn’t sustain the upward momentum. Over the past 24 hours, the price has dropped by 10.6%, mainly due to profit-taking by holders. Reports show that investors cashed out over $28 million in profits, which triggered the sharp price correction.
Technical data hinted at a potential reversal before the recent dip. On December 31, 2024, VIRTUAL’s Relative Strength Index (RSI) entered the overbought zone. By January 1, the RSI peaked at 76.86, signaling the likelihood of a pullback.
Additionally, the Supertrend indicator showed resistance at $5.15, creating a critical barrier that halted further price increases.
Experts are divided on where VIRTUAL will go next. If the price manages to break through the $5.15 resistance, it could climb as high as $7. However, if the resistance holds firm, the price might drop further, potentially reaching $3.85.
Despite this correction, the strong performance of Virtuals Protocol and other AI tokens highlights the potential of the AI token market. As 2025 begins, investors are watching closely to see if this sector can continue upward.
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