- At the time of the press, virtual traders looked at $ 2.24 at the bottom and $ 2.45 at the top
- Recent activity of whales, investors and traders hinted on Beerarish dominance
Virtual Protocol (Virtual) today made waves on the cryptocurrency market after a considerable price rally of more than 50% on the charts. And yet it soon did not actively succeed in maintaining this profit, because holders saw it as a perfect sale opportunity in the long term and, according to Coinglass, threw a considerable amount.
Why does the Virtual price fall?
Data on spot -entry/outflow showed that as the price of virtual rises, stock exchanges worldwide saw a considerable inflow of $ 13.5 million. This meant the highest absorbed inflow since the launch of the token.
Source: Coinglass
Analysts and experts regard this attack of the inflow as a sign of a sale-what indicates that whales and investors have moved their capacity of their wallets to exchange. Such significant entry have the potential to create sales pressure and to lead to a further price fall, which has already registered virtually.
As a result of this inflow, the initial profit of the asset had been considerably reduced, so that in less than an hour fell from 50% to 14%. Virtually, at the time of writing, almost $ 2.32 traded. Worth to point out that it also registered a remarkable increase of 138% in trade volume at the same time – with figures of $ 755 million.
Beerarish on-chain statistics
In the midst of these tough price fluctuations, Intraday traders actively participated in the market. Virtual’s Open Interest (OI) even rose by 25% – points to the formation of new positions.
At the time of the press, the most important liquidation areas were $ 2.24 at the bottom and $ 2.45 at the top, where traders delivered too much at these levels.
Source: Coinglass
If the sentiment shifts and the price sets to $ 2.45, almost $ 6.5 million is liquidated in short positions. Conversely, if sentiment remains unchanged and exchanges continue to see the inflow, there is a strong possibility that the price could fall to $ 2.24 – which would liquidate for $ 3.72 million in long positions.
These on-chain statistics together suggested that bulls are currently exhausted, while bears dominated a potentially bearish signal.
Virtual Protocol (Virtual) price promotion
In addition to these statistics on the chain, the technical analysis of Ambcrypto showed that virtually with the latest upward rally reached its breakout target of the inverted head and shoulder godfather. However, this price reputation took place after it actively reached the strong resistance level of $ 3 – an important sales zone.
Source: TradingView
Virtual’s four -hour graph also revealed that it has hit this level three times since January 19, 2024, confronted with sales pressure and a considerable price decrease each time.
However, the current market sentiment, together with recent activities of whales, investors and traders, suggested that virtually probably can see further price corrections in the charts.
