The Virtuals Protocol (VIRTUAL) price has fallen 30% month-to-date (MTD). At the beginning of the month, it was $2.08.
Today, it has dropped to $1.45. This development happened due to significant selling pressure around the altcoin and low demand.
While some altcoins also experienced a similar thing, they recovered. But it has not been the same for VIRTUAL.
Here is why, and a thorough breakdown of what is next.
VIRTUAL’s price trades below a critical falling trendline on the 4-hour chart with a key horizontal support at $1.30, which has helped form a descending triangle.
This bearish pattern signals aggressive seller dominance, with buyers struggling to regain control.
Compounding the gloom, the Moving Average Convergence Divergence (MACD) has nosedived into negative territory, hinting at further downward pressure for the cryptocurrency.
id=”682de8b555b5e4d2f745737e” limit=”3″ geo=”1″ title=”Try Our Recommended Crypto Exchanges” cta=”Claim Offer”]
Besides that, CCN observed that the altcoin’s price is below the red line of the Supertrend. This position indicates that VIRTUAL’s price could face resistance at the overhead level at $1.65.
If the red line fails to clear, the token might struggle to surge above $1.65. In that scenario, it risks declining below the underlying support at $1, which is $1.30.
From an on-chain perspective, the In/Out of Money Around Price (IOMAP) shows resistance between $1.48 and $1.52.
At this price level, 1,580 VIRTUAL holds 49.95 million tokens in unrealized profits, higher than those accumulated between $1.22 and $1.43.
Due to the sell wall around this point, VIRTUAL’s price might struggle to break $1.52. Should the buying volume fail to outpace the number of tokens in losses, the price might drop to $1.22.
VIRTUAL Price Analysis: How Much Lower?
Regarding the short-term outlook, the Bull Bear Power (BBP) has fallen to the negative region. This drop indicates that bears are in control, and if sustained, this could drive VIRTUAL’s price lower than it currently is.
Furthermore, the Awesome Oscillator (AO) is below the zero signal line, indicating bearish momentum. Should this trend continue, VIRTUAL could drop below the underlying support at $1.24.
If that happens, the altcoin might experience an extended correction. In that instance, the token’s market value could decline to $0.93, positioned at the 0.236 Fibonacci level.
On the contrary, if the AO reading turns positive, this prediction might not happen. Instead, bullish momentum could drive VIRTUAL’s price to climb above the $1.75 resistance.
If validated, the cryptocurrency might retest $2, while intense buying pressure could move it closer to its new all-time high.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
