The cryptocurrency Virtuals Protocol [VIRTUAL] saw a notable 3.63% price increase over 24 hours. Analysis of market data showed a 10.82% jump in Open Interest, signaling speculative confidence, while spot buying pressure declined. Technical charts indicated the rally’s sustainability was questionable due to a prevailing bearish trend and lack of strong underlying spot demand.
The price of Virtuals Protocol [VIRTUAL] was up 3.63% in a 24-hour period. Data from Coinalyze showed a simultaneous 10.82% daily jump in Open Interest as the spot CVD sank.
This data combination suggested speculators were convinced VIRTUAL could go higher short-term. However, the lack of spot demand alongside high Open Interest signaled the rally might be unsustainable.
The longer-term daily chart showed the trend and swing structure have been bearish. “The market reversed its early‑January rally later in the month, showing it was not ready to turn bullish,” the analysis noted.
A recent move beyond the $0.679 local high reflected an internal structure shift. This was followed by a retracement into an imbalance zone around $0.062, which acted as a short-term demand area.
The price bounced from this zone over the past 48 hours. Yet the On-Balance Volume indicator did not set convincing new highs, with daily trading volume below its 20-day moving average in February.
The Moving Average Convergence Divergence (MACD) showed some upward momentum. The indicator remained below the zero line, indicating the prevalent trend was still bearish.
Analysts plotted Fibonacci retracement levels using the daily timeframe’s attempted rally. The 78.6% level at $0.565 aligned with a local bullish order block that fueled a prior breakout.
That zone would be a key area for bulls in case of a retest. The long-term trajectory remained bearish, though the current bounce could potentially reach the $1 resistance level.
The short-term price prediction was bullishly biased due to the internal structure shift. Swing traders were advised to be wary as the higher timeframe trend was bearish and short-term demand lacked convincing volume.
