Virtuals Protocol Price Forecast: VIRTUAL set to extend losses as triple top formation emerges:

Virtuals Protocol price drops over 10% on Monday after a failed breakout above key resistance.
Santiment data shows traders increase profit-taking activity, adding to the selling pressure.
The technical outlook highlights a possible triple top pattern with a potential breakdown, targeting the $1.23 mark.
Virtuals Protocol (VIRTUAL) price drops over 10% at the time of writing on Monday, trading around $1.78 following a failed attempt to break above a key resistance level over the weekend.
The decline suggests holders may be locking in profits and adding to the selling pressure. From a technical standpoint, forming a potential triple top pattern suggests that bearish momentum could intensify and target the $1.23 mark.
VIRTUAL holders book profits as bearish bets rise
Virtuals Protocol’s on-chain metrics show that VIRTUAL holders are booking some profits, according to Santiment’s Network Realized Profit/Loss (NPL), which computes a daily network-level Return On Investment (ROI) based on the coin’s on-chain transaction volume. Strong spikes in a coin’s NPL indicate that its holders are, on average, selling their bags at a significant profit. On the other hand, strong dips imply that the coin’s holders are, on average, realizing losses.
The chart below shows that the metric showed a strong spike on May 8 and May 9, the highest spike since December 16. Historically, when this spike occurred, prices fell nearly 20% to 30% due to increased selling pressure.
Another bearish sign is Coinglass’s VIRTUAL long-to-short ratio, which reads 0.87, the lowest level in over a month. A ratio below one reflects bearish sentiment in the markets as more traders are betting on the asset price to fall.
VIRTUAL Price Forecast: Triple top price formation
Virtuals Protocol’s price action on the 4-hour chart has faced resistance around the $2.08 level since May 9, getting rejected multiple times. Meanwhile, the token has consistently found support near the neckline area around $1.66 and rebounded after revisiting it over the weekend. Another failed attempt to break above $2.08 on Sunday shows the formation of a potential triple top pattern, which often signals a shift in momentum from bulls to bears. At the time of writing on Monday, the coin trades down over 10%, approaching its neckline at $1.66.
If VIRTUAL breaks and decisively closes below $1.66, it would extend the fall to retest its technical target at $1.23. The target is obtained by extrapolating lower the distance from the top to the neckline.
The Relative Strength Index (RSI) on the 4-hour chart reads 48, below its neutral level of 50 and points downward, indicating increasing bearish momentum.
However, if VIRTUAL recovers, it could extend its recovery to retest its daily resistance level at $2.08.
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