Hey Binance Square Family! š
VIRTUAL Protocol (VIRTUAL) has been making waves in the crypto market, recently reaching a price of $1.9345. Let's delve into the latest developments and what they might mean for traders and investors.
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š Current Market Snapshot
Price: $1.9345
24h Change: +44.30%
24h High / Low: $2.136 / $0.41
Market Cap: Approximately $1.33 billion
Circulating Supply: Approximately 652.52 million VIRTUAL
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š Technical Analysis
Recent analyses suggest that VIRTUAL has completed a five-wave upward movement, indicating a potential short-term retracement. The price has broken out from a descending resistance trend line, increasing by 400% since its low of $0.41 on April 9.
A descending triangle pattern is forming with a clear base support at $1.877. If the price compresses towards this support, a breakout could occur, potentially leading to a decline to the 0.5 Fibonacci level at $1.73.
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šÆ Trade Setup
Entry Point: $1.9345
Stop-Loss (SL): $1.85
Take-Profit (TP) Levels:
TP1: $2.10
TP2: $2.30
TP3: $2.50
TP4: $2.70
TP5: $3.00
Note: Always use a tight stop-loss to manage risk.
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ā ļø Final Thoughts
While VIRTUAL shows potential signs of a breakout, it's essential to approach with caution. The crypto market is volatile, and price movements can be unpredictable. Always conduct thorough research and consider your risk tolerance before making trading decisions.
Stay tuned for more updates, and may your crypto journey be prosperous! š
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