- At the time of the press, virtual merchants seemed over $ 2.24 on the lower side and $ 2.45 on the upper side
- Recent activity of whales, investors and merchants alluded to the lower domination
The virtual (virtual) protocol has made waves on the cryptocurrency market today after a significant price rally of more than 50% on graphics. And yet, the assets quickly managed to maintain these gains as long -term holders saw it as a perfect sale opportunity and have poured a large amount, according to Coiinglass.
Why does Virtual’s price drop?
The data on occasional inputs / outputs revealed that the price of the virtual rise, exchanges worldwide have experienced significant $ 13.5 million inputs. This has marked the most recorded entries since the launch of the token.
Source: Coringlass
Analysts and experts consider this start -up as a sign of sale – indicating that whales and investors have moved their assets from their portfolios to exchanges. Such important entries have the potential to create a sale pressure and lead to a new drop in prices, which Virtual has already recorded.
Following these entries, the initial gains of the assets were considerably reduced, from 50% to 14% in less than an hour. Virtual, at the time of writing, was negotiated nearly $ 2,32. It is worth emphasizing, however, that at the same time, the asset also recorded a remarkable increase of 138% of the negotiation volume – with figures of $ 755 million.
Building metrics
In the midst of this high price fluctuation, intrajournal traders actively participated in the market. In fact, the open interest of Virtual (OI) jumped 25% – referring to the formation of new positions.
At the time of the press, the main liquidation zones were $ 2.24 on the lower side and $ 2.45 on the upper side, with traders over these levels.
Source: Coringlass
If the feeling changes and the price rises to $ 2.45, almost $ 6.5 million in open positions will be liquidated. Conversely, if the feeling remains unchanged and the exchanges continue to see the entries, there is a high possibility that the price can drop to $ 2.24 – liquidating $ 3.72 million in long positions.
These chain measures, together, have suggested that the bulls currently seem exhausted, while the bears have dominated – a potential lower signal.
Virtual (virtual) virtual protocol price action
In addition to these chain metrics, Ambcrypto’s technical analysis revealed that with the last increase rally, Virtual reached its rupture target from the inverted head and shoulder model. However, this price reversal occurred after the asset has reached the high level of resistance of $ 3 – a large sales area.
Source: tradingView
The four -hour Table of Virtual also revealed that since January 19, 2024, it has reached this level three times, each time in the face of sales pressure and a significant price drop.
However, the current feeling of the market, as well as recent whales, investors and traders, have suggested that the virtual may be likely to see new price corrections on graphics.
