Why is Everyone Talking About VIRTUAL? You Won’t Believe What Happened!

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  • So, at this very moment, VIRTUAL traders are like a bunch of over-leveraged tightrope walkers, teetering at $2.24 on the lower side and $2.45 on the upper side. What a sight! 🎪
  • And guess what? The whales, investors, and traders are all acting like they just saw a bear in the woods. Bearish dominance, folks! 🐻

Virtual Protocol (VIRTUAL) decided to throw a little party in the cryptocurrency market today, with a price rally that was over 50%. But, surprise, surprise! Just like a bad date, it couldn’t keep it together. Long-term holders saw their chance and dumped a bunch of it, according to CoinGlass. Classic! 🙄

So, why is VIRTUAL’s price doing the limbo?

Well, as the price of VIRTUAL shot up like a kid on a sugar rush, exchanges worldwide were flooded with inflows of $13.5 million. The highest since the token’s launch! Talk about a party! 🎉

But hold your horses! Analysts are saying this inflow is just a fancy way of saying, “Hey, let’s sell off!” Whales and investors are moving their assets faster than I can say “What’s the deal with that?” And guess what? This selling pressure is already making VIRTUAL’s price drop faster than my enthusiasm for a Monday morning. 📉

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In less than an hour, those initial gains went from 50% to a measly 14%. VIRTUAL was trading around $2.32. But wait, there’s more! Trading volume surged by 138% to a whopping $755 million. It’s like a rollercoaster ride, but without the fun! 🎢

Bearish on-chain metrics? Oh, joy!

While all this chaos was happening, intraday traders were jumping in like it was a hot tub party. VIRTUAL’s Open Interest (OI) surged by 25%. New positions? More like new headaches! 🤦‍♂️

At this moment, the major liquidation areas are $2.24 on the lower side and $2.45 on the upper side. Traders are over-leveraged, and it’s not looking pretty. 😬

If the price decides to rise to $2.45, we could see $6.5 million worth of short positions liquidated. But if it stays the same and those inflows keep coming, we might just see it drop to $2.24, liquidating $3.72 million worth of long positions. It’s like a game of musical chairs, but nobody wants to be left standing! 🎶

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These on-chain metrics are screaming that bulls are exhausted, and bears are having a field day. A bearish signal? You bet! 🐂🚫

Virtual Protocol (VIRTUAL) price action – or lack thereof!

Aside from all this drama, AMBCrypto’s technical analysis shows that VIRTUAL hit its breakout target from the inverted head and shoulders pattern. But, surprise, surprise, it hit a strong resistance level at $3. A significant selling zone! It’s like hitting a brick wall! 🧱

Since January 19, 2024, it’s hit this level three times, and each time it faced selling pressure like it was a contestant on a reality show. And the current market sentiment? Well, it’s suggesting that VIRTUAL might just be in for more price corrections. Buckle up! 🎢

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2025-02-01 10:19