VIRTUAL is consolidating in a bullish ascending triangle with momentum building for a breakout above the $2.40 resistance zone.
Price action from April to May shows a steady uptrend with higher lows, supported by a strong ascending trendline and solid volume.
Breakout targets stand at $3.2717 and $3.6707 as bulls maintain control, making $2.40 the crucial level for continuation confirmation.
VIRTUAL (VIRTUAL/USDT) is currently consolidating just below a crucial resistance zone, showing signs of a bullish setup. The asset trades at $2.0315 following a recent 4.59% drop, equivalent to a $0.0933 decline. Despite this, the long-term technical outlook remains promising. VIRTUAL has been forming an ascending triangle, a typically bullish continuation pattern. A breakout is expected only if the daily candle closes above the $2.40 resistance zone.
Strong Uptrend Supports Bullish Structure
Since mid-April, VIRTUAL has displayed a powerful upward trajectory. It surged from near $1.00 to highs of $2.40 by late May. Each rally phase established higher lows, signaling firm bullish momentum. An ascending trendline connects the April lows to the May highs, showing strong underlying support.
Even after a sharp correction around May 25, the price held above the trendline. This decline tested the trend’s strength, dipping to the $1.80 level. However, the uptrend held firm. Consequently, buyers returned aggressively, pushing prices back toward $2.20 by early June.
Current Consolidation Indicates Momentum Buildup
VIRTUAL is now consolidating in a tight range between $2.00 and $2.40. This consolidation forms a rectangular pattern, lasting for over three weeks. However, the sideways movement should not be mistaken for weakness. Instead, it suggests momentum is building ahead of a potential breakout.
Additionally, trading volume confirms the pattern’s reliability. Volume increased during both breakout and pullback phases, adding strength to the current setup. Moreover, bullish momentum remains intact despite short-term dips.
Two clear breakout targets have emerged: $3.2717 and $3.6707. These levels indicate the next major resistance zones once the price breaches the upper boundary. Hence, traders are watching closely for a confirmed breakout with a daily close above $2.40.
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