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Is the Bear Trend Strengthening for Virtuals Protocol (VIRTUAL)?
- Virtuals Protocol (VIRTUAL) dropped by 10.51% in 24 hours, reaching $1.42 with a market cap of $934.63M.
- The bearish trend continued with increased sell pressure as the market cap declined in line with the price.
- The daily trading volume surged by 11.74% to $192.5 million, indicating heightened exit activity.
- The market cap to volume ratio is at 20.26%, suggesting liquidity stress.
- VIRTUAL trades significantly below its unlocked market cap of $1.43 billion.
- Technical analysis shows VIRTUAL near a critical support at $1.38, with potential further decline.
- Resistance is at $1.58, with a breakout possibly leading to a push towards $1.72.
- Indicators like the RSI at 34.40 and CMF at -0.12 reflect strong bearish sentiment.
- The lack of positive divergence indicates ongoing struggles to regain bullish momentum.
- A bearish crossover delay implies a higher likelihood of further downside if selling pressure persists.
- The current market sentiment for VIRTUAL is bearish with weakening demand and technical fragility.
- Short-term recovery seems unlikely without support at $1.38 or RSI showing positive signs.
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