Virtual Protocol (VIRTUAL) is approaching a strong resistance level and capturing the major attention of investors. The VIRTUAL token is still in a downward trend and may experience a temporary retreat in the event of a rejection at the strong resistance level.
At press time, Virtual Protocol (VIRTUAL) is trading at $1.05 with a 24-hour volume of $317.42 million and a market capitalization of $694.66 million. It is currently down 5.25% over the last 24 hours, showing short-term selling pressure in a cautious market.
Virtual Protocol Faces Key Resistance Levels
Notable crypto analyst CryptoPulse explained that “the coin is in a downtrend channel in the weekly chart, establishing lower highs and lower lows” and that, although “the price may try to go up towards the resistance range of $1.4-$1.5,” the market is “bearish until a breakout above that range is achieved.”
However, CryptoPulse also added that this resistance region corresponds to the golden ratio of the Fibonacci values, hence becoming an interesting region for the sellers to close their positions. In the event of the resistance region holding strong, VIRTUAL might reverse towards the support ranges.
As per CryptoPulse, for this bearish outlook to be reversed, there needs to be a breakout above $1.5 with strong volume and bullish candlestick formations. This will change the momentum in the market and trigger further buying. Until then, selling pressure persists for the token at the trendline position, which is an important zone for investors.
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Virtual Protocol Could Rally Soon
Contributing his view to the conversation, crypto analyst Otto Suwen indicated that VIRTUAL could still rally if the token manages to break past the $1.5 level. As per his explanation, the token could experience a breakthrough trading event that would trigger trading activities from AI-based trading algorithms.
Overall, VIRTUAL is currently positioned at a critical point where both the upside and downside are factors that come into play. Analysts are closely monitoring the markets to see if VIRTUAL will move forward in terms of breaking higher or if it will see yet another retreat.
As interest in the Virtual Protocol project and other concepts based on blockchain technology grows, it is recommended that investors monitor the resistance/support levels.
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