After a week of recovery from an established support level, Virtual’s price faced rejection again and lost steam. The price is currently down on the daily chart following a minor loss since yesterday.
Virtual’s general outlook remains bullish on a daily chart, following a major market recovery since the start of the second quarter.
However, following the previous monthly rejection at $2.6, its bullish move has been halted as it pulled back slightly in the late part of the month. This led to some minor deduction, but the crypto managed to find a solid ground after retesting the $1.65 level last week.
Holding this mentioned level as support, the price recovered well over the past week and turned bullish again. Unfortunately, it failed to sustain momentum above the previous high due to yesterday’s rejection at $2.3. As we can see on the daily chart, it is losing grip again.
A drop below the holding support level could cause a major sell-off, validating a new double-top formation on the daily chart. Failure to defend April’s low may result in another major crash in the long term.
While it is yet to see a major loss like many other cryptos in the last drawdown, it may enter a serious retracement phase if the current sell signal comes into play.
Virtual’s Key Levels To Watch
Source: Tradingview
Right now, the key support level to watch for a rebound is the holding $1.65 level. A breakdown there could dip the price to $1.23 and maybe $0.846 before locating a solid ground.
A rebound above the holding support could allow a climb back to the previous monthly resistance of $2.59. Breaking through it could confirm a bullish continuation to the $3.16 and $4.13 resistance levels.
Key Resistance Levels: $2.59, $3.16, $4.13
Key Support Levels: $1.65 $1.23, $0.846
- Spot Price: $2
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/virtuals-protocol-price-analysis-prediction-june-12-virtual-fails-to-reclaim-previous-high-after-a-week-bounce-what-next/