VIRTUAL has declined 7.3% in the past 24 hours, following a 31.8% gain over the previous week and a broader increase of more than 300% over the past year. The recent movement appears to reflect short-term profit-taking activity after a prolonged rally.
Price has now moved away from the upper Bollinger Band, which was positioned around $1.84. This coincides with a drop in the 7-day RSI from 77 to 66. The RSI(14) now reads 65, down from overbought territory, suggesting reduced upward momentum in the near term.
Despite the short-term retracement, the Average Directional Index (ADX) remains high at 35. This level indicates a strong overall trend is still present. In general, an ADX value above 25 is interpreted as a sign of trending conditions. The price movement continues to stay within a broader upward channel, and no major trend reversals have been confirmed.
Attention is now on two key Fibonacci retracement levels. The 23.6% level is positioned at $1.52, and the 38.2% level is at $1.28. These levels are being watched as possible support if selling pressure continues. Price reactions near these areas may provide additional information about the strength of the current uptrend. A move below the 38.2% level would shift the focus to deeper retracement scenarios.
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On-Chain Activity Increases
Recent on-chain data shows an increase in network activity. Daily active wallet counts and DEX (decentralized exchange) volumes have risen compared to previous weeks, although they remain below January’s peak levels. Trading revenue has also reached levels not seen since early in the year, indicating broader engagement during the latest price movement.
In contrast to the rise in trading and usage, staking levels have shown minimal change. The number of staked VIRTUAL tokens has remained near 27 million for the past month. This suggests that while trading activity has increased, there has not been a corresponding rise in long-term token locking.
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Technical Indicators Point to a Consolidation Phase
Overall, technical indicators reflect a shift from rapid upward movement to a consolidation phase. RSI has moderated, the ADX remains strong, and price is holding above major retracement levels. On-chain metrics show rising engagement, while staking remains unchanged.
As with all technical analysis, these signals describe current conditions but do not predict future market behavior or responses to external events.
