- Virtuals Protocol saw two spikes in its age consumed metric during the retracement
- Quick recovery from the local bottom gave bulls some hope
Virtuals Protocol [VIRTUAL] has performed remarkably well over the past month. It bounced by 33% from its recent lows, with the bulls raring to go again after the recent retracement.
Worth pointing out, however, that on-chain metrics showed relatively high participation and some profit-taking activity recently.
VIRTUAL set to march higher
Source: VIRTUAL/USDT on TradingView
The market structure on the daily chart was bearish after the drop below the recent higher low on 15 December at $2.28. The Fibonacci levels plotted based on the December move from $1.21 to $3.32 highlighted $2.02 and $1.66 as key retracement levels.
The Awesome Oscillator on the daily chart formed red bars over the last few days to suggest that bullish momentum has been weakening. However, a crossover below neutral zero did not yet occur.
The CMF was at -0.02, but did not signal sizeable capital flows into or out of the market in recent days. The trading volume saw an uptick in early December, but maintained itself just above 1.1 million VIRTUAL traded each day.
