- VIRTUAL bulls, in a daring attempt to defend $2.4, were met with a resounding rejection.
- Short-term spot demand was rather fetching, but might not be enough to turn the tide of bearishness.
Virtuals Protocol [VIRTUAL] experienced a delightful 37.2% rally on the 31st of January, only to have it swiftly undone as Bitcoin [BTC] reversed from $106k and was trading at $99.4k at press time.
The recent high inflows of VIRTUAL into exchanges were a clear indication of an impending sell-off. The $2.5 resistance zone was not overcome, and the short liquidations above this resistance zone were swept away, paving the way for new lows.
Is VIRTUAL about to turn a corner?
The price action on the daily timeframe indicated a strong downtrend in the second half of January, when a bullish reaction from the 78.6% Fibonacci retracement level was quickly retraced.
The ATR noted high volatility in the past two weeks, accompanied by significant capital flow out of the market according to the CMF.
The shooting star candlestick and the high trading volume on the 31st of January underlined bearish dominance.
This came after the failure of the $2.67 and $2.4 former support zones. Overall, they indicated that VIRTUAL is headed lower. To the south, the 23.6% retracement level at $1.25 was the next target.
While the daily timeframe reflected bearish pressure, the lower timeframe data signaled a momentum reversal could be around the corner. The Open Interest has begun to pick up in recent hours, breaking the downtrend.
Read Virtuals Protocol [VIRTUAL] Price Prediction 2025-26
The spot CVD saw a swift increase over the past 24 hours to indicate heightened spot demand.
The Funding Rate, which had been negative over the past 24 hours, climbed into positive territory and was indicated a short-term sentiment shift.
Virtuals Protocol: A Tale of Two Candles
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2025-02-03 04:09