In the past 24 hours, the cryptocurrency Virtuals Protocol (VIRTUAL) has experienced a significant increase, rising by approximately 11.4% from its previous value. The price has moved upward from the support level of $1.63 to trade around $1.84. Despite this short-term rally, the altcoin continues to encounter obstacles related to investor sentiment and overall market dynamics, which may affect its potential for long-term growth.

Following a surge earlier this week, the number of new addresses associated with Virtuals Protocol has notably decreased. As of now, the count of new addresses stands at its lowest point in about a month and a half, reflecting a decline in investor participation. This reduction in new addresses implies that there is a waning interest among potential investors, which could indicate a loss of appeal for the asset within the broader crypto community.

The decline in new address creation underscores a broader trend that might impede Virtuals Protocol's capacity to maintain consistent upward momentum. A lack of fresh investment interest could result in further price consolidation or even downward movements.

From a macroeconomic standpoint, Virtuals Protocol is also dealing with certain technical challenges. The Average Directional Index (ADX), which measures trend strength, has shown a substantial drop, suggesting diminishing momentum. Although the ADX remains above the 25.0 threshold, indicating some degree of trend strength, it is nearing levels where it could fall below this benchmark. Should this happen, it might signify that the recent uptrend is losing vigor. The combination of a decreasing ADX and reduced new address activity hints that Virtuals Protocol may soon undergo a change in its price trajectory.

At present, Virtuals Protocol is trading at $1.84 following the recent 11.4% increase. The price is encountering resistance at $1.93, posing a potential hurdle for additional upward progress. While the rebound from $1.63 is encouraging, breaking through the $1.93 resistance will be a pivotal factor in determining the altcoin's immediate price performance.

If the negative influences mentioned persist, Virtuals Protocol may find it difficult to surpass the $1.93 resistance level. This scenario could lead to a phase of price consolidation, with the price likely staying above the $1.63 support level. However, should selling pressures escalate, the price might dip below this support, potentially dropping to $1.50 or even lower.

Conversely, if the overall market environment becomes more favorable, Virtuals Protocol could break past the $1.93 resistance. Successfully converting this level into a support base would be essential for the altcoin to aim for $2.00. Beyond that, the next major resistance level is at $2.45, marking a potential shift in the bearish outlook and paving the way for further increases.

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