Having seen slight reductions in the past weeks, Virtuals is now on the verge of testing a key parallel support level following a fresh drop this week. A major breakdown could trigger a significant daily correction.
Most altcoins have posted a sizable loss since the entire crypto market entered a corrective phase last month, but Virtual remained bullish on a weekly scale, holding well above the $1.3 level throughout the month.
Taking a short break in selling last weekend, following a small bounce off the $1.85 level, it resumed pressure this week and now looks poised for a drop as it slowly forms a lower low and lower high pattern on the 4-hour chart. This bearish pattern may end if the $1.65 support holds.
A plunge through this support could correct us a bit to last month’s low before halting bleeding. A violent drop from that low could roll the price back to the bottom, where the next major move is likely to take place.
Should in case the price hold well above the mentioned support, we can expect a resurge above the previous monthly resistance to a new multi-month high. Despite the latest drops, there’s still hope for a rebound as the market structure is still considered bullish on the daily chart.
Virtual’s Key Levels To Watch
Targeting the $1.65 parallel support in the latest drop, a break below it could slip the price to $1.23. A lower support to consider for a broader correction lies at $0.846, followed by the $0.42 low printed in April.
A rebound above the $2.1 level could allow a climb back to last month’s $2.65 resistance. Breaking up this resistance could rally us to the $4.13 and $5.25 resistance levels respectively.
Key Resistance Levels: $2.65, $4.13, $5.25
Key Support Levels: $1.65 $1.23, $0.846
- Spot Price: $1.86
- Trend: Bearish
- 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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