Virtuals Protocol (VIRTUAL) Rebounds with Huge Gains Following a Pullback from its Recent All-Time High

The token has exhibited sustained momentum since its listing in Binance and strategic partnership with Hyperbolic Labs.

Virtuals Protocol (VIRTUAL) token price went on a tear in the past 24 hours, notching up gains of over 27% and emerging as one of the top gainers on Tuesday. The native token of Virtuals Protocol clocked in a surge from a $2.27 low to a $3.13 high in the past 24 hours.

Meanwhile, the digital asset also saw a surge in trading volume of over 118%, with around $369.59 million in VIRTUAL tokens moving across wallet addresses. The token remained within the top 45 cryptocurrencies by market capitalization, boasting an overall valuation of $3.07 billion at the time of writing.

The performance of VIRTUAL tokens is noteworthy considering the recent pullback in the cryptocurrency market. The leading cryptocurrency, Bitcoin, dropped below the $59,000 (roughly Rs. 43.8 lakh) mark on Monday. However, BTC price did show some recovery later.

Virtuals Protocol Price Surges over 27%

Virtuals Protocol token has seen a major boost in the past few weeks following its listing on Binance Futures on December 10.

Top-tier crypto exchanges offer a significant advantage to tokens, providing them with exposure and reach to a broader audience. However, it is important to note that Binance does not condone community shilling.

Binance employs a rigorous application process and carries out thorough due diligence in evaluating products to be listed on its platform.

The exchange assesses each token’s project team, product utility, user base, product maturity, and crisis management aspects before approval.

Additionally, it requires a non-disclosure agreement (NDA) from applicants to ensure a fair and transparent process.

Virtuals Protocol, also known as Hyperchain Protocol, is a Web3 infrastructure that aims to provide decentralized, scalable, and cost-efficient computing power for Web3 applications.

According to the project’s website, Virtuals Protocol is designed to offer “uninterrupted performance, scalable compute, verifiable inference, with zero compromises in delivering dynamic, evolving AI interactions.”

The partnership between Virtuals Protocol and Hyperbolic Labs is aimed at providing consistent performance, scalable compute, and verifiable inference for the Web3 platform.

Hyperbolic Labs is a Web3 cloud company that provides accessible, affordable, and scalable graphics processing (GPU) resources and AI services.

Its Application Programming Interface (API) is particularly well-received by decentralized application (dApp) builders for its seamless setup and integration.

Hyperbolic Labs Web3 Cloud to Power Virtuals Protocol

According to TradingView’s technical analysis tools, VIRTUAL token is showing signs of being “Strong Buy” in the daily chart and “Buy” in the weekly readings at the time of writing.

The one-day moving averages and Relative Strength Index (RSI) oscillators suggest that the token’s momentum may have more room for positive price actions in the short-term trend.

The 14-day RSI based on the Virtuals Protocol token is not yet showing signs of saturation at 66. However, the RSI-based MA is warning of a potentially overbought scenario as the numbers are cruising at the 70 borderline.

Meanwhile, the Stochastic RSI confirms buying opportunities in both the fast and slow lines. Both lines are treading near the overbought zone at 24 and 16, respectively.

Virtuals Protocol (VIRTUAL) token price trades at a new all-time high on Tuesday morning. The token rallied by over 27% in the past 24 hours and is now up by close to 50% in the past week.

The performance of VIRTUAL token is in stark contrast to the broader cryptocurrency market, which saw a pullback in the past few days.

Bitcoin price dropped below the $59,000 (roughly Rs. 43.8 lakh) mark on Monday morning as the cryptocurrency market showed signs of cooling off from the recent rally.

Later in the day, BTC price did show some recovery and was trading above the $59,500 (roughly Rs. 44.3 lakh) mark.

The second most-valuable cryptocurrency also saw a gain of over 1% in the past 24 hours. At the time of writing, BTC price in India stands at roughly Rs. 44.8 lakh for one Bitcoin (roughly 0.0004 BTC).