After making a short pullback on a lower timeframe, Virtual resumed positive actions and showed strength daily. It broke out of a key resistance to a new multi-month high following an insane gain.
Virtual’s recovery is becoming more significant daily following another huge gain in the last 24 hours. This gain came after pulling back slightly into the $1.23 level yesterday. It found support there and bounced back.
That bounce led to a major breakout of a crucial resistance level of $1.5 today, and as we can see on the daily chart, it looks highly bullish.
However, it is important to note that major obstacles lie ahead for this pair. Overcoming these obstacles could put the market in a more bullish condition while it recovers fully to the top. A clear breakout of the top, printed last December, should confirm a major rally in the long term.
Looking back, Virtual has seen a major recovery in the past few weeks while targeting $2 in the latest surge. Failure to push through this price level may result in a major pullback before advancing bullishly. As of now, the bulls appear back in action from a mid-term perspective.
Virtual Key Level To Watch
Above the mentioned target level lies a key resistance of $2.65. If the price continues to increase, $4.13 would be the next resistance level for a test. Reclaiming the top level of $5.3 could set the stage for a bigger gain in the long term.
In case of a drop, there’s a close support level at $1.23. Right below this support lies $0.844, along with $0.63. A drop off $0.4 (last month’s low) may cause a massive price dump.
Key Resistance Levels: $2.65, $4.13, $5.3
Key Support Levels: $1.54, $0.846, $0.63
- Spot Price: $1.68
- 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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