Gate News bot message, with the U.S. intervening in the Israel conflict, the Crypto Assets market is generally showing a loss. As of the time of writing, the trading price of Bitcoin (BTC) is fluctuating around $105,000, while meme coins like SPX6900 (SPX) and Dogwifhat (WIF) are leading the market pullback alongside Virtuals Protocol (VIRTUAL).
FXStreet analyst Vishal Dixit stated that VIRTUAL has dropped nearly 1%, with a cumulative decline of more than 8% so far this week. This AI agent token closed below the 50-day moving average support level, falling 6.80% the previous day, putting pressure on the support level of $1.64 from the low on May 17.
If the daily closing price is below $1.64, the bearish trend may continue to the support level of $1.39, as highlighted by the closing price on May 7. The 100-day moving average at $1.57 may provide short-term to mid-term support.
The downward trend of the MACD indicator crossing below the zero line along with the signal line indicates a surge in bearish momentum.
If VIRTUAL rebounds from the support level of $1.64 and breaks through the weekly high of $2.01, it may weaken the downside risk.
(Source: FXStreet)
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