VIRTUAL Price’s 24% Surge Ignite Hope, But Negative Sentiment Looms

• Virtuals Protocol crypto price fell 53% in February month.
• VIRTUAL crypto price is in a downtrend on the technical chart.

Virtuals Protocol crypto price corrected approximately 53% in the current month. It has returned to the previous support level of $0.900. However, in the last two days, it surged by approximately 40% indicating bulls’ presence at a lower level.

VIRTUAL crypto is in a bearish trend and looks oversold so a temporary pullback rally toward the 200-day EMA is possible. However, the 50-day EMA is far from the current price so the possibility of the trend reversal remains low. 

However, it is too early to call it an upward rally since their 200-day and 50-day EMAs on the upside are acting as resistance. The next directional move will be visible when buyers support the price to break the 200-day EMA level.

According to CoinMarketCap data, currently, Virtuals Protocol crypto price is trading at $1.287 with an intraday surge of 24%. The 24-hour trading volume is $198.97 million and the market cap stands at $827.9 million.

Will the VIRTUAL Price Break Above The 200-day EMA Level?

Source: Tradingview

Virtuals Protocol price is in the correction phase and trading near the lower range. In the previous session, buyers defended the $0.9294 level and bounced back from there. It shows that buyers are still active and preparing for the rally. Till VIRTUAL crypto price sustains above $0.900, short-term recovery is possible which might take the prices to $1.4. 

The MACD curve is reversing upward and generates a positive crossover. The RSI curve in Virtuals Protocol crypto is at 43.02 which slopes upward indicating buyers are returning. 

Moreover, as per the technical summary of the trading view, out of 25 indicators 8 are on the sell side, 10 are on the neutral side and 7 are on the buying side, indicating neutrality. The short-term rally may be possible but to move forward VIRTUAL crypto has to break the 200-day EMA hurdle.