$VIRTUAL

June 4, 2025 | 13:02

High: 1.9822

Low: 1.6900

Volume: 118.64M VIRTUAL

Sharp decline returns the currency to historical support levels

Current price 1.7620 down by -8.58% over the last 24 hours. The recent price movement shows accelerated decline after breaking support at 1.8420, heading to test the low of 1.6900 amidst notable selling pressure and an increase in trading volume. The price pattern on the intermediate time frames indicates an extended corrective wave in a descending channel.

◇Analysis and Forecast

The current technical formation reflects a clear distribution phase after losing positive momentum. The price is approaching a dynamic support area between 1.7000 and 1.6900, which may form a temporary bounce point if strong reversal candles appear. Conversely, continued break below this range may trigger a new downward wave towards levels of 1.6400.

◇The area 1.7050 – 1.6900 represents an exceptional monitoring opportunity for those looking for a tactical bottom to enter, provided there is clear bounce confirmation with improved buying volume.

Resistances:

1.8420 (broken minor peak representing current resistance)

1.9822 (highest price in the last 24 hours)

Supports:

1.6900 (important technical low recently tested)

1.6400 (potential technical support if the decline continues)

◇ In a fragile technical position, but approaching a critical area that may qualify for a smart buying reaction. Any stability above 1.70 with a strong reversal candle may temporarily change the short-term trend.

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