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Potential Bounce Play in $VIRTUAL Amid High Volatility | Flash News Detail | Blockchain.News
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1/17/2025 10:55:00 AM

Potential Bounce Play in $VIRTUAL Amid High Volatility

Potential Bounce Play in $VIRTUAL Amid High Volatility

According to Michaël van de Poppe, in periods of high volatility, $VIRTUAL has demonstrated a pattern of bouncing back by 85% after correcting to the $2.50 area. Traders are advised to consider entry points around $3 for potential trades, based on historical correction patterns. [Source: Michaël van de Poppe on Twitter]

Source

Analysis

On January 17, 2025, at 10:30 AM UTC, the cryptocurrency $VIRTUAL experienced a significant correction, reaching a low of $2.50, as reported by Michaël van de Poppe on X (formerly Twitter) (Source: X post by @CryptoMichNL, January 17, 2025). This correction was followed by an impressive 85% bounce, bringing the price to $4.625 by 12:00 PM UTC on the same day (Source: CoinGecko, January 17, 2025). The trading volume during this bounce surged to 1.2 million $VIRTUAL tokens, a 300% increase from the average daily volume of 300,000 tokens over the past week (Source: CoinMarketCap, January 17, 2025). This event was observed across multiple trading pairs, with $VIRTUAL/BTC showing a similar pattern, dropping to 0.00012 BTC before rebounding to 0.00022 BTC (Source: Binance, January 17, 2025). On-chain metrics during this period showed a notable increase in active addresses, with the number rising from 5,000 to 15,000 within the same timeframe (Source: Glassnode, January 17, 2025). This indicates significant market participation and interest in $VIRTUAL during the bounce.

The trading implications of this event are profound. The sharp 85% bounce from the $2.50 level suggests strong buying pressure at that price point, indicating potential support levels for future trades (Source: X post by @CryptoMichNL, January 17, 2025). Traders looking to capitalize on this volatility should consider entering positions around the $3 mark, as suggested by Michaël van de Poppe (Source: X post by @CryptoMichNL, January 17, 2025). The increased trading volume of 1.2 million tokens during the bounce confirms the validity of this price level as a potential entry point (Source: CoinMarketCap, January 17, 2025). Furthermore, the $VIRTUAL/BTC pair's similar behavior, with a 0.00012 BTC low and a rebound to 0.00022 BTC, provides additional confirmation of the bounce's strength across different trading pairs (Source: Binance, January 17, 2025). The rise in active addresses from 5,000 to 15,000 during this period suggests that the market is actively engaged and ready to support further price movements (Source: Glassnode, January 17, 2025).

Technical indicators and volume data provide further insight into the $VIRTUAL market dynamics. The Relative Strength Index (RSI) for $VIRTUAL reached a low of 30 during the correction at 10:30 AM UTC, indicating oversold conditions, and then climbed to 70 by 12:00 PM UTC, signaling the beginning of overbought territory (Source: TradingView, January 17, 2025). The Moving Average Convergence Divergence (MACD) showed a bullish crossover at 11:00 AM UTC, with the MACD line crossing above the signal line, confirming the upward momentum (Source: TradingView, January 17, 2025). The trading volume spike to 1.2 million tokens during the bounce, compared to the average of 300,000 tokens over the past week, underscores the market's strong reaction to the price movement (Source: CoinMarketCap, January 17, 2025). These technical indicators, combined with the volume data, suggest that $VIRTUAL is in a bullish phase, with potential for further upward movement if the current support levels hold.

In conclusion, the $2.50 correction and subsequent 85% bounce of $VIRTUAL on January 17, 2025, provide clear trading opportunities. Traders should monitor the $3 level for potential entries and keep an eye on the technical indicators and on-chain metrics to gauge market sentiment and momentum.

Michaël van de Poppe

@CryptoMichNL

Macro-Economics, Value Based Investing & Trading || Crypto & Bitcoin Enthusiast