VIRTUAL Price’s 24% Surge Ignite Hope, But Negative Sentiment Looms

VIRTUAL Price’s 24% Surge Ignite Hope, But Negative Sentiment Looms

Virtuals Protocol (VIRTUAL) Drops 53% in February but Shows Signs of Recovery

Virtuals Protocol (VIRTUAL) has experienced a significant correction in February, with its price plummeting by 53% to retest the support level at $0.900. However, a recent 40% rebound over the last two days suggests that buyers are stepping in at lower levels, signaling a potential recovery.

VIRTUAL Crypto Faces Resistance Despite Temporary Rebound

Technical indicators point to a bearish trend for VIRTUAL, with the price still trading below key moving averages. The 50-day EMA remains distant from the current price, reducing the likelihood of a full trend reversal. However, an oversold condition could trigger a temporary pullback toward the 200-day EMA, a crucial resistance level.

The real test for VIRTUAL will come if buyers push the price beyond the 200-day EMA. Until then, the overall trend remains uncertain, and further consolidation near support levels is possible.

Current Market Performance and Key Indicators

As per CoinMarketCap, VIRTUAL is currently trading at $1.287, marking a 24% intraday gain. The 24-hour trading volume has surged to $198.97 million, while the market cap stands at $827.9 million.

Technical indicators provide mixed signals:

• MACD: The MACD curve is turning upward, hinting at a possible bullish crossover.
• RSI: At 43.02, the RSI is gradually moving higher, indicating growing buying pressure.
• Market Sentiment: Out of 25 indicators, 8 suggest selling, 10 remain neutral, and 7 indicate a buying opportunity, highlighting overall market indecision.

Will VIRTUAL Break the 200-day EMA?

For VIRTUAL to establish a stronger recovery, it must break above the 200-day EMA, which currently acts as a major resistance level. As long as the price sustains above $0.900, short-term recovery remains possible, with an upside target of $1.40. However, failing to clear resistance could lead to another round of selling pressure.

With market volatility at play, traders should watch for further price action and volume confirmations before anticipating a sustained rally.