The post Virtuals Protocol Price Analysis: What Caused the 10.6% Decline After $5+ Milestone? appeared first on Coinpedia Fintech News
At the start of this month, the price of Virtuals Protocol was $3.92212. Yesterday, the VIRTUAL price touched an all-time high of $5.25692. Unfortunately, the market failed to continue the momentum. In the last 24 hours, the market has slipped by at least 10.6%. What caused this swift correction, and what lies ahead for VIRTUAL? Let’s explore. Ready? Dive in!
VIRTUAL Hits $5+ Price Milstone
The AI coins market cap has seen a growth of 6% in the last 24 hours. In the last seven days, almost all top AI tokens, including Virtuals Protocol, have experienced growth; NEAR Protocol surged by 5.0%, Internet Computer by 3.4%, Bittensor by 8.9% and Render by 2.4%.
Among the top five AI coins, Virtuals Protocol shows the highest 7-day growth of 34.7%. Yesterday, it reached an ATH of $5.25692.
However, in the last 24 hours, the Virtuals Protocol market has declined by nearly 10.6%.
Profit-Taking Drives Selling Pressure
Reports say that the retracement has occurred as a consequence of massive profit-taking by VIRTUAL holders.
Data shows that holders have booked no less than $28 million in profit.
Technical Indicators Warned of Overbought Conditions
On December 31, 2024, the VIRTUAL’s RSI entered the overbought region. On January 1, it touched a peak of 76.86, suggesting the possibility of a market reversal.
Reports say that the Supertrend indicator flashed resistance at $5.15.
Future Scenarios for VIRTUAL
Experts forecast that if the price breaks above the $5.15 resistance level, the price could reach as high as $7. If the resistance holds, the price could drop as low as $3.85, experts add.
In conclusion, the remarkable performance of AI tokens like Virtuals Protocol signals hope for the future of the AI tokens market in 2025.