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Is Virtual’s Price Decline a Buying Opportunity?
The cryptocurrency market is known for its volatility and unpredictability, which can be both thrilling and treacherous for investors. As of December 20, 2024, Virtual Protocol (VIRTUAL) has taken a drastic turn with a staggering 14.55% daily decline, trading at $2.19. Prior to this drop, the token was valued at $3.29 just three days ago. The current price correction represents a whopping 32.06% decrease since then.
In addition to this dramatic plunge, the 24-hour trading volume has shrunk by an astonishing 25.78%, plummeting from $370 million to $270.48 million. Furthermore, its market capitalization has retreated to $2.19 billion. These figures not only reveal the intense pressure on VIRTUAL but also demonstrate traders’ resilience in this niche.
With a retest of critical levels imminent, there is a possibility that the price will decline to the crucial $1.815 level before attempting another breakout. This area would mark a 18% drop from its current value and serves as a key support zone. If buyers were able to accumulate positions at this point, it could set off a potential recovery in the short term.
The Ichimoku Cloud analysis suggests that VIRTUAL’s price is pinned against its lower boundary, indicating stabilization before any further significant movement. The Kijun-Sen, an essential level for equilibrium and stabilization, currently reads 21.39, revealing that the bearish momentum has flattened and a bounce back may be imminent.
The Average Directional Index stands at 29.77, hinting that the downtrend strength is declining. To confirm a break in this trend, VIRTUAL’s price would need to surpass $2.62, which represents its next resistance level.
It’s crucial for investors to monitor any significant liquidation activity as it can significantly impact market sentiment and trading strategies. According to Coinglass, there has been considerable liquidation activity on Binance USDT pairs, particularly around the levels of $2.7 and $2.5. The accumulation zone at $2.1, however, shows a growing presence of traders becoming accustomed to a lower price environment.
In conclusion, with the current downturn in VIRTUAL’s value, it could be considered a buying opportunity for investors looking to capitalize on this dip before the price potentially rebounds.
Source: www.cryptonewsz.com
