Virtuals Protocol (VIRTUAL) rebounded 3.38% over the past 24 hours, offering short-term relief after a sustained weekly selloff.
Despite the intraday recovery, the broader trend remains under pressure, with the token still down 11.31% over the last seven days, underscoring continued bearish control.
As of January 23, VIRTUAL is trading near $0.848, according to CoinMarketCap data. The token’s 24-hour trading volume dropped 45.15% to $83.93 million, signaling reduced market participation during the rebound.
Its market capitalization stands at $557.24 million, reflecting only a modest increase alongside the price bounce.
Also Read: Virtual Protocol Surges Above $1.04, Potential Uptrend Continuation
Weekly Structure Signals Ongoing Bearish Control
From a higher-timeframe view, VIRTUAL remains in a clear weekly downtrend, trading below the 20, 50, 100, and 200 SMAs. Lower highs and lows persist, keeping downside risk elevated.
Weekly Bollinger Bands show oversold conditions, suggesting a short-term bounce, not a confirmed trend reversal without sustained resistance breaks.
On the upside, immediate resistance is clustered between $1.00 and $1.05, aligning with the 20-week moving average and the Bollinger midline. A rejection in this zone would reinforce the prevailing bearish trend.
A higher resistance level is located in the $1.18-$1.22 band, which is near the 50-week moving average. Here, it is expected that sellers will dominate the situation, resulting in falling prices.
If we look at the overall, or the ‘macro level,’ the downward trend will not change until the prices go beyond the $1.55-$1.60 level, which is the 200-week moving average.
Analyst View Highlights Conditional Upside
Crypto analyst @Psychometriks has been noting some recent price movements that may be an indicator of an impending breakout, followed by a controlled pullback.
The analysis shows that the previous price level of resistance, between $0.83 and $0.86, is currently serving as a level of support. The price level is expected to help stabilize the price and then proceed to test other higher price levels of resistance.
Nevertheless, this scenario will be dependent on certain conditions. Failure to maintain support will negate this bullish scenario and shift focus back to the lower demand zones. Potential resistance points for this bull run scenario will be located at $0.95, $1.03, $1.19, $1.27, and $1.35.
Why This Matters
While the short-term recovery of VIRTUAL by 3% through the VIRTUAL price movement can certainly offer traders short-term relief, the downtrend observed on the chart is still of great concern to traders.
The support and resistance levels of VIRTUAL’s stock between $0.75 and $1.05 will dictate the trend in this context in the coming sessions.
Also Read: Virtual Asset Market in Dubai Surpasses AED 2.5 Trillion in 2025
