VIRTUAL Price Cools Off After 330% Surge — Key Levels to Watch Next

Virtuals Protocol (VIRTUAL) has been one of the best-performing crypto assets since April.

However, the rally cooled slightly in May, finally showing some weakness.

With the price failing to break out from a critical resistance at $2.20, the main question is: Is the VIRTUAL rally over, and if so, where will the price find support?

Let’s find out.

VIRTUAL Price Reaches Resistance

The daily time frame VIRTUAL analysis shows that the price has increased rapidly since breaking from a resistance trend line in April.

The resistance had existed since the all-time high, so its breakout is a strong sign that the correction is over.

After an over 300% price increase, VIRTUAL reached a high of $2.21, well into the $2.20 horizontal resistance area, the final one before the all-time high.

However, the VIRTUAL price failed to break out, creating a lower high and a bearish candlestick today.

If confirmed, this could lead to a short-term retracement before the price resumes its ascent.

Technical indicators also show weakness. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) have generated bearish divergences.

All these signs point to a local top, suggesting the VIRTUAL price will first correct before possibly moving higher.

Let’s look at a lower time frame for possible levels of support.

Where Will it Find Support?

The shorter-term six-hour analysis shows that the VIRTUAL price completed a five-wave increase.

Wave three is extended, and the sub-wave count is in black.

If the count is accurate, Virtuals Protocol is in wave C of an A-B-C correction (red), and the coin could fall to $1.53 or $1.32.

If waves A and C have the same length, the correction will end at a low of $1.53.

However, if wave C extends and has 1.61 times the length of wave A, the price will reach the $1.32 target.

Since the target is a Fibonacci and horizontal support area, the VIRTUAL price is unlikely to fall below it.

Doing so will put the entire bullish structure at risk and could lead to new lows.

Final Leg of the Correction

The VIRTUAL price increased by 330% after April 7, culminating with a high of $2.21.

The rally has cooled off, and the price might be temporarily retracing.

If so, the closest support levels are $1.53 and $1.32, respectively.

About the Author

Valdrin Tahiri

Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.

He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.

Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.

He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.

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