VIRTUAL bulls struggle to defend $3, face 37% losses in 10 days – Details

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  • VIRTUAL has seen reduced trading volume over the last ten days
  • The liquidity cluster below $3 marked it as a short-term price target

The Virtuals Protocol (VIRTUAL) maintains its optimistic perspective over the long term. However, the significant pullback from its peak price of $5.25 is causing concern among buyers. In fact, the psychological $3 mark seemed poised to give way due to the strong push from sellers.

Bearish momentum has seized control over the last ten days

Since January 2nd, the token’s price has dropped progressively every day, except for two instances where it increased slightly. Despite a lower trading volume compared to when the token reached $5.25, the decreases in value have been substantial.

Over the past ten days, Virtuals Protocol has experienced a decrease of 37.81%, starting from the closing point on January 2nd instead of its high at $5.25. When considering the high of $5.25, this drop amounts to 45%. In both cases, the trend for Virtuals Protocol appears decidedly bearish.

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As a crypto investor, it seems we’ve temporarily surrendered ground to the bearish forces, with the market pulling back to the 61.8% retracement level. Unfortunately, we couldn’t hold our ground at the $3.03 support either. However, there’s still hope for a bullish comeback as we’re looking towards the bullish order block at $2.45 as our next potential stronghold.

Although the Moving Average Convergence Divergence (MACD) indicated a strengthening downward trend, it remained above zero, signifying that the overall long-term trend was still bullish, not bearish. The decline in selling volume caused the Accumulation/Distribution (A/D) indicator to dip slightly, but it did not plummet significantly.

The two measures indicated a temporary downtrend, yet they hinted at potential growth when the market’s overall mood improves.

More losses in sight for VIRTUAL

Although the day-to-day trend wasn’t defined as a downtrend, the shorter timeframes indicated one. A pattern of lower lows and lower highs had attracted selling pressure, with significant liquidation levels forming around these points. At the moment of writing, the two most prominent liquidity zones were located at $2.77 and $3.55.

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Is your portfolio green? Check the Virtuals Protocol Profit Calculator

In the forthcoming days, it seems that the key points for the trajectory of the Virtuals Protocol token will probably be established. There’s a high chance we might see a decline towards around $2.77 due to the strong downward pressure the coin is currently experiencing in the short term.

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2025-01-12 21:11