The Virtual Protocol (VIRTUAL) is facing strong downward pressure on the daily technical charts.
Its price has decreased by about 13% over the past twenty-four hours, indicating a downward trend.
The Virtual Protocol (VIRTUAL) has been experiencing a strong downward trend since the cryptocurrency fell below key technical levels. The current price action indicates weakness in the market structure, which could be a sign of further decline in the short term. According to CMC data, the asset's price has dropped by approximately 13%, indicating bearish control.
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The most concerning trend for Virtual bulls is the decisive breakdown of key exponential moving averages. The token has fallen below the 50-day exponential moving average at $1.4753, as well as below the 200-day exponential moving average at $1.4357, representing a significant technical flaw. This crossover pattern, where price trades below both short and long-term moving averages, is a general signal that bearish control over the price has shifted to the bears, often heralding long-term bearish trends.
The MACD indicator supports this bearish outlook, with its negative value at -0.0791, and the MACD line is below the signal line. The histogram chart shows mostly red bars, confirming the continuation of the selling wave. The Awesome Oscillator (AO) corroborates this bearish outlook with a reading of -0.1741, indicating that the recent price momentum remains entirely negative.
What’s next for the price of Virtuals Protocol (VIRTUAL)?
Source: Tradingview
The Relative Strength Index (RSI) analysis gives mixed signals but leans towards oversold conditions. The RSI is at 40.76, just above the lower line, suggesting a potential technical rebound. However, trading below the 50 level indicates that selling pressure still dominates buying interest.
In terms of price, VIRTUAL is trading at $1.2230, with a critical support level established at $1.12. The token now faces direct resistance at $1.4357, which has become a significant barrier after the recent breakdown.
Trading volume indicates greater activity during selling periods, which is a sign of real distribution rather than just technical weakness. This trend suggests the liquidation of institutions or major shareholders, which could cause downward pressure.
In the long term, the technical outlook for VIRTUAL shares looks challenging. Negative momentum indicators and the breakdown of key moving averages suggest a bearish trend, with the path of least resistance pointing downward. Traders are advised to monitor support levels, as breaking them could lead to faster selling towards the new cycle lows. Any attempt to recover requires reclaiming the 50-day exponential moving average to restore bullish confidence.