- Bitcoin recovered from a brief drop to $94K back above $96K following CPI data release, restoring bullish momentum to the crypto market.
- VIRTUAL is consolidating in a falling wedge pattern since its January 2 high of $5.12, currently bouncing from $1.05 support at the 200-day MA to $1.30.
- GRT is also following a falling wedge pattern, trading at $0.14 near upper resistance after finding support at $0.1070 at the wedge's lower boundary.
- Both tokens could see significant gains if they break their wedge resistance levels, with VIRTUAL targeting $2.10 and GRT potentially reaching $0.19 for a 32% gain.
Date: Wed, February 12, 2025 | 02:08 PM GMT
The cryptocurrency market is experiencing a quick rebound after a sharp dip caused by the latest CPI data release. Bitcoin (BTC) briefly dropped to $94K but has since recovered above $96K, restoring some bullish momentum. Following this recovery, top altcoins like Virtuals Protocol (VIRTUAL) and The Graph (GRT) are also regaining ground.
Both tokens are approaching key resistance levels within their falling wedge patterns, and potential breakouts could fuel a fresh rally.
Virtuals Protocol (VIRTUAL)
VIRTUAL has been consolidating within a falling wedge pattern since reaching its all-time high of $5.12 on January 2. The prolonged downtrend saw the token hit a low of $1.05, where it found strong support at the 200-day moving average (MA), which also aligns with the lower boundary of the wedge.
Now, VIRTUAL is showing resilience, bouncing back to $1.30 with support from key moving average. The MACD indicator is also flashing signs of a potential bullish crossover, hinting at a shift in momentum.
The next major hurdle is the 15-day MA, which has acted as dynamic resistance. A confirmed breakout above this resistance and the wedge’s upper trendline could push VIRTUAL toward $2.10.
The Graph (GRT)
Similar to VIRTUAL, GRT is also following a falling wedge pattern and is currently trading at $0.14, near the wedge’s upper resistance. The token recently found strong support at $0.1070, marking the lower boundary of the wedge.
If GRT manages to break out and successfully retest the resistance, the next major level to watch is the 25-day simple moving average (SMA). A clean move above this level could propel the token toward $0.19, representing a potential 32% gain from its current price.
Final Thoughts
Both VIRTUAL and GRT are showing resilience at their support levels, signaling a possible trend reversal. However, their next moves will largely depend on the broader market, especially Ethereum (ETH) and Bitcoin dominance.
If ETH extends its recovery and BTC dominance weakens, altcoins like VIRTUAL and GRT could gain further momentum, potentially confirming bullish breakouts. Traders should closely watch for breakout confirmations, as they could signal the next big move for both tokens.
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