Several altcoins have continued to paint green scenarios in the past hours along with VIRTUAL, which has posted over 20% gains since yesterday. However, its short-term outlook remains bearish.
Today marks another interesting moment in the market as altcoins post mild gains. VIRTUAL is not left behind in the surge as it charted substantial gains after mounting support at $0.933 this week
Before now, the asset experienced a serious decline after failing to sustain bullish momentum above the $6 level earlier in January. Despite the drops, the asset remains within a buying range from a long-term perspective, although the bulls may completely lose control if the price drops below last year’s low.
Back to the latest surge, which came as a retest of the recent breakdown level, it has generated some positive bias since yesterday. It currently faces resistance at $1.32. A surge above it could facilitate more increase.
Acting upon this rejection, the bears could step back into the market. If such a scenario occurs, the crypto will likely continue to lose momentum until it reaches exhaustion. As of now, it is still under the bears’ radar on the micro level.
Virtual’s Key Level To Watch
Pushing above the rejected$1.32. high, the resistance level to watch for a test would be $2.65. If the price continues to increase, the next resistance level to keep in mind would be $4.13 and the $5.7 level.
Resuming bearish, it must first reclaim the recent $0.933 low that stood as support before cracking to $0.63. On the way down, the support level to keep in mind is $0.29 in case of more drops.
Key Resistance Levels: $1.54, $2.65, $4.13
Key Support Levels: $0.933, $0.63, $0.29
- Spot Price: $1.25
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.