Virtuals Protocol price continued rising on Tuesday as most tokens in the ecosystem soared by double digits.
Virtuals Protocol (VIRTUAL) token rose for the second consecutive day and hit the key resistance level at $1.5, its highest level since February 5. It has jumped by more than 240% from its lowest level this month.
The rally was supported by the ongoing rebound of most tokens in its ecosystem. The VaderAI token surged by 37% on Tuesday, increasing its market capitalization to over $38 million.
Similarly, the Ribbita token jumped by 28%, while Ava AI, GAME, Luna, Iona, and aixCB have all soared by over 50% in the past few days.
This rebound is likely to help boost its network fees after the recent crash. Data shows that Virtuals Protocol made over $3.65 million in January as its token and those of its ecosystem surged. This changed over the last three months, with the protocol generating $381,000 in February, $156,000 in March, and $146,000 in April.
Virtuals Protocol price soared as futures open interest surged to $180 million, its highest level since January 28. This represents a significant increase from the bottom of $31 million seen in March. A jump in open interest is often a sign of rising demand in the futures market.
VIRTUAL price technical analysis
The eight-hour chart shows that VIRTUAL has been in a strong bullish trend over the past few days, jumping from a low of $0.4135 to $1.5.
Virtuals Protocol has crossed above the 50-period moving average and is now nearing the 23.6% retracement level. However, there are signs that the coin has become highly overbought, with the Relative Strength Index soaring to 82.
The Average Directional Index has also moved to 64, indicating strong trend strength. The most likely scenario is a retreat to $1 as the bull run takes a breather. An alternative scenario would see the coin jump above the 23.6% retracement point at $1.6125 and reach the psychological level at $2.
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