Virtuals Protocol (VIRTUAL) is experiencing significant bearish pressure on technical charts. Its price has dropped by approximately 13% in the last 24 hours, indicating bear dominance. Delve into the details of this concerning situation.
Virtuals Protocol (VIRTUAL) is experiencing a bearish trend following the breakdown of its key technical levels. The price movement shows a weakening market structure, suggesting further short-term declines. The asset’s price has dropped approximately 13%, illustrating the bears’ dominance.
The decisive breach of the Exponential Moving Averages (EMAs) is the most concerning signal for VIRTUAL bulls. The token has broken below the 50-day EMA at $1.4753 and the 200-day EMA at $1.4357, marking a significant technical failure. This crossover pattern, where the price remains below both short and long-term moving averages, indicates that market control has shifted, often signaling long-term bearish trends.
The MACD analysis confirms a bearish trend, with a negative value of -0.0791 and the MACD line below the signal line. The histogram primarily shows red bars, highlighting continuous selling pressure. The Awesome Oscillator (AO) at -0.1741 also indicates negative momentum in recent prices.
The RSI at 40.76 remains close to oversold conditions, suggesting a possible technical bounce, but selling pressure still dominates buying interest. Currently trading at $1.2230, VIRTUAL faces resistance at $1.4357. The increased volume during selling periods indicates significant distribution, possibly by institutional investors, reinforcing the downward pressure.
Overall, the technical outlook remains bearish. Traders should exercise caution and monitor support levels for potential recovery. Any recovery attempt will require reclaiming the 50-day EMA to restore bullish confidence.
To capitalize on this strong bullish potential, here’s a simple guide to obtaining VIRTUAL on Bitget :
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