The price of Virtuals Protocol (VIRTUAL) has shown a significant decline over the last 24 hours, indicating a growing bearish trend.
Current Market Situation
VIRTUAL's price has dropped by 9% in the last day, raising concerns about the dominance of bearish trends in the market. Failed attempts to hold support levels could lead to further price declines.
Technical Analysis
The price of VIRTUAL broke below the 50-day EMA level, indicating sellers' dominance. This level typically serves as support during upward trends. The bulls' failure to protect this level indicates declining buying interest and the likelihood of further declines in price.
Future Outlook for VIRTUAL Price
To regain bullish momentum, VIRTUAL needs to reclaim the 50-day EMA at $1.656 and hold this price as support. The current price is still above the 200-day EMA, providing some hope for a long-term perspective. However, the inability to maintain the 50-day EMA leaves room for potential further declines.
In the current market conditions, Virtuals Protocol faces numerous technical challenges. Maintaining prices above key EMA levels will be critical for regaining confidence and preventing further declines.
