Virtuals protocol (VIRTUAL) price shows positive signals of a comeback, considering the retest breakout scenario, with the price staying above an area of key support that is stabilizing its structure.
Momentum indicators are slowly recovering, indicating an increase in buying activity in the near-term period. Provided that the level of support holds, the technical bias is favorable for further upside potential.
At the time of writing, VIRTUAL is trading at $0.8268, alongside a 24-hour trading volume of $208.54 million and a market capitalization of $528.55 million. Even though the VIRTUAL price has slipped 0.78% over the last 24 hours, the asset continues to hold an important technical structure that may support further movement if key levels remain stable.
Source: CoinMarketCap
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VIRTUAL Breakout Confirmed After Neckline Retest
A crypto analyst, Alpha Crypto Signal, explained that the VIRTUAL price experienced a breakout from the rounding bottom pattern.
It was also emphasized in the analysis that the VIRTUAL price is back again in the neckline area, which confirms the legitimacy of the breakout formation. In addition to this, the VIRTUAL is trading above a very important support level, while the near-term movement is heading north.
Source: Alpha Crypto Signal’s X Post
If this level continues to hold, then the configuration indicates that the VIRTUAL price may continue to move towards a higher price. Conversely, if support is breached, the existing configuration will be weakened, and the recovery stage may be hampered.
VIRTUAL Builds Strength Near Resistance Zone
There are also positive signs in technicals regarding the VIRTUAL price. RSI has gone up to 56.46 from 47.44, which is above its signal line. This indicates that buyers’ strength is gradually improving following the weakening seen in early April. What is important about RSI is that it has yet to reach the overbought level, providing opportunities for upward gains.
Source: TradingView
The MACD technical analysis tool is also showing positive trends for the VIRTUAL. In this regard, the MACD line has crossed the signal line, and the histogram is positive at 0.00210. This shows that bearish pressure on the VIRTUAL price is reducing.
Overall, the structure and technical indicators point to a continued upward trend for the VIRTUAL price, as long as important support lines stay intact over the upcoming periods.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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