According to well-known analyst Michael van de Poppe, Virtuals Protocol (VIRTUAL) is expected to experience another price increase following the current phase of consolidation. Van de Poppe suggests a specific trading strategy for VIRTUAL investors that could potentially yield a return of about 85%.
On the social media site X (previously known as Twitter), Poppe highlighted that in periods of instability and significant market fluctuations, it’s more beneficial to step back and seek out “less challenging opportunities for recovery.
Earlier, the altcoin fell to approximately $2.5 and subsequently surged by about 85%, reaching a peak of $4.13. Poppe predicts a similar pattern will occur again, suggesting investors should consider buying at around $3. If his prediction holds true, this move could yield results similar to the previous trade.
According to the graph, reaching approximately $5.55 could result in an 85% return for VIRTUAL, suggesting that it might set a fresh record high shortly, since its existing peak for this altcoin is currently at $5.07.
VIRTUAL Buyback-and-Burn Program
On their X platform (previously known as Twitter), Virtuals Protocol announced a buyback-and-destroy program for their community. This initiative involves the AI-driven protocol purchasing various digital assets, which it will then destroy by removing them permanently from circulation. Essentially, 13 million VIRTUAL tokens, valued at approximately $43 million, will be used to acquire 25 unique AI tokens launched on their platform and completely eliminate these cryptocurrencies from existence.
On Wednesday, Virtuals Protocol disclosed that they would be making several acquisitions over a 30-day period based on the time-weighted average price. The largest token burns will come from GAME (1.6 million tokens), CONVO (1.1 million tokens), and AIXBT (880,000 tokens) according to data from Dune Analytics.
VIRTUAL Price Analysis
In the last day, VIRTUAL has experienced a severe drop, contrasting with the overall positive trend of the market. At present, it’s trading at $3.33, marking an 8.27% decrease over the past 24 hours. Additionally, although its value is down 33.97% from its record high, it has managed to gain 20.05% in the last month.
Nonetheless, renowned analyst Greigh Ward has opined on X that another bullish surge for VIRTUAL might not be likely and encourages investors to appreciate the cryptocurrency’s recent bounce and “shift focus.” Although it had gained traction as a popular trend for several months, the AI market seems to have cooled off now, with Ward predicting a bottom to form soon.
In simpler terms, the Relative Strength Index (RSI) for VIRTUAL’s price movement currently stands at 52.03. This indicates that although the bulls are leading, the bears might be regaining some ground. The trendline suggests a potential return to the $3 level in future price action.
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2025-01-17 20:39