VIRTUALS, CAKE, INJ Lead Altcoin Charge as Trading Volumes Explode

Move over, Bitcoin—altcoins are stealing the spotlight. VIRTUALS, CAKE, and INJ just posted double-digit gains as traders pile into new features and surging liquidity.

PancakeSwap’s CAKE leads the pack with a governance overhaul—because nothing screams decentralization like a token vote. Meanwhile, Injective’s INJ keeps defying gravity with its ‘defi-for-everything’ pitch. And VIRTUALS? The metaverse play nobody understands but everyone’s buying.

Trading volumes spiked 300% in 24 hours across these tokens. Cue the usual suspects: yield farmers chasing APYs, OTC desks offloading bags, and that one crypto influencer who ‘called it’ after the pump.

Will the rally hold? Probably—until the next shiny protocol distracts this ADHD market. After all, in crypto, fundamentals are just speedbumps on the road to FOMO.

VIRTUAL holds bullish momentum 

Virtuals Protocol trades by over 18% rise at $2.46 at press time on Wednesday with the TP cooldown feature release. With a 14% jump on Tuesday, VIRTUAL prints a bullish engulfing candle on the daily chart, catalyzing a positive crossover in the Moving Average Convergence/Divergence (MACD) indicator and its signal line, suggesting rising bullish momentum. 

The price action showcases a 90% drop between January 1’s closing price of $4.62 and April 8’s closing price of $0.4181, with Fibonacci retracement highlighting the 50% level at $2.51. 

As VIRTUAL hits the 50% line, investors with a buying price under the halfway point could book profits upon breakout. The 61.8% level at $3.01 and the 78.6% level at $3.72 are possible exit points, making these crucial resistance levels. 

VIRTUAL/USDT daily price chart. Source: Tradingview

On the flip side, a reversal from the 50% level at $2.51 could retest the upper ceiling of the broken range at $2.08.

PancakeSwap eyes $2.77 breakout 

PancakeSwap records a 16% surge to trade at $2.83 at press time on Wednesday, challenging a crucial supply zone between $2.74 and $2.84. The overnight surge pumps the weekly gains to 20% and nears a potential breakout. 

The 50- and 200-day Exponential Moving Averages (EMAs) register a golden cross, signaling a trend reversal in CAKE. Cementing the trend reversal thesis, the MACD and signal line give a positive crossover, signaling a boost in buying pressure. 

Similar to VIRTUAL, the Fibonacci retracement levels from $4.18 on December 8 to $1.354 on February 7 in CAKE highlight a 50% level at $2.77. With a decisive close above this level, the altcoin could test the 78.6% Fibonacci retracement at $3.57, a previously recorded peak on December 12. 

CAKE/USDT daily price chart. Source: Tradingview

On the flip side, the $2.50 psychological support could cushion a bearish turnaround. 

Injective targets $18 amid growing uptrend

Injective has surged nearly 13% in the last 24 hours, trading at $15.13 at the time of writing. The uptrend surpasses the 200-day EMA at $14.84, marked by the third consecutive bullish candle on the daily chart. 

With the impressive rally, the 50- and 100-day EMAs tease a bullish crossover. Furthermore, the MACD and signal lines diverge to regain a positive alignment, accompanied by a fresh wave of green histograms, which projects a surge in momentum. 

Based on the Fibonacci levels extending from December 6 closing price at $34.02 to April 9 opening price at $6.91, the recovery rally nears the 50% level breakout at $15.33

Similar to other top gainers, a breakout above the halfway point of the previous crash could propel INJ to $18.51 (61.8% level) or $24.19 (78.6% level). 

INJ/USDT daily price chart. Source: Tradingview

On the flip side, the 100-day EMA at $12.25 provides dynamic support, followed by the 50-day EMA at $11.63.