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Virtuals Protocol (VIRTUAL) was up 3.63% over the past 24 hours at press time. Coinalyze data showed Open Interest (OI) rising by 10.82% in a day, while spot CVD declined in recent hours.
The combination of weak spot demand and elevated OI suggested the VIRTUAL rally may be difficult to sustain in the short term.
On the 1-day chart, the longer-term trend and swing structure were described as bearish. The market reversed an early-January rally later in the month, indicating it was not ready to sustain a bullish turn.
The move above the $0.679 local high was linked to an internal structure shift that occurred last Saturday. After that shift, price retraced into an imbalance zone around $0.062 over the week’s trading.
Over the past 48 hours, VIRTUAL bounced from the short-term demand zone. However, OBV did not establish convincing new highs, and daily trading volume has been below the 20DMA during February.
MACD indicated some upward momentum, but the broader trend remained bearish because the indicator was still below the zero line.
Analysts also referenced Fibonacci retracement levels from the attempted rally. The 78.6% level at $0.565 aligned with a local demand area (noted as a bullish order block) that supported the token’s short-term breakout to $0.699.
That zone was described as an area of interest for bulls if price revisits it. The article also noted that the current bounce could extend toward $1, identified as a key local resistance and psychological round-number level.
For swing traders, the article advised staying sidelined until volume trends improve. It stated that a move above $0.699 would increase the likelihood of the $0.82 and $1 targets being reached.
In the short term, the price bias was described as bullish due to the internal structure shift on the 1-day chart. However, the predominant higher-timeframe trend was characterized as bearish, and the demand was described as lacking convincing volume.
The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
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