Virtuals Protocol Price Drops Below $1.50
Virtuals Protocol (VIRTUAL) fell below $1.50 on Monday. The price dropped after a strong 20% rise in the past 24 hours. Bulls struggled to keep the momentum, according to CoinGecko.
Increased Retail Demand Boosts Virtuals Protocol
VIRTUAL is trading near its highest level since mid-August. This rise is driven by growing retail demand. CoinGlass data shows futures Open Interest (OI) reached about $190 million, the highest since early August.
The increase happened during a bullish weekend. Bitcoin (BTC) climbed above $115,000. Other altcoins like Ethereum (ETH) and Ripple (XRP) also gained. This suggests more investors are willing to take risks.
Open Interest (OI) measures the total value of open futures contracts. Higher OI means more trader interest and confidence in the token’s near-term outlook.
The futures funding rate turned positive on Monday. It rose to 0.0049%, up from -0.0631% on Sunday and -0.2483% on October 11. A positive funding rate shows traders expect prices to rise and are taking long positions.
Technical Analysis: Can VIRTUAL Keep Rising?
After four days of gains, VIRTUAL is now down over 3.5%, trading around $1.45 due to profit-taking. The Relative Strength Index (RSI) is dropping toward 70, showing bullish momentum is easing. A lower RSI could mean a longer price correction.
Key support levels include the 200-day EMA at $1.25, 100-day EMA at $1.16, and 50-day EMA at $1.05. These could limit further losses if the price correction continues.
The Moving Average Convergence Divergence (MACD) still shows a buy signal. As long as the MACD line stays above the signal line, bulls remain in control. A daily close above $1.50 would support the bullish trend. This increases the chance of a breakout toward $2.00.
