Today's largest falling crypto assets price forecast: SPX6900, VIRTUAL, and PENDLE lead the fall, Bitcoin experiences a third pullback.

Due to significant selling pressure on Bitcoin (BTC), SPX6900 (SPX), Virtuals Protocol (VIRTUAL), and Pendle (PENDLE) led a major pullback in the cryptocurrency market on Friday. As of today (1), Bitcoin is temporarily priced at around $115,760 in the Asian session.

According to a report by CryptoQuant, the cryptocurrency market is showing a downward trend during the third wave of significant profit-taking in this bull market. The report indicates that by late July, the cryptocurrency market had realized profits of between 6 billion and 8 billion dollars, mainly driven by new investors.

SPX6900 meme coin faces greater pullback risk

After four consecutive days of decline, as of Friday's press release, the SPX has slightly risen by nearly 1%. This increase has kept the price of the meme coin above its 50-day Exponential Moving Average (EMA), reporting at $1.55.

The Moving Average Convergence Divergence (MACD) indicator has maintained a sell signal since Wednesday, marked by the red histogram reappearing below the zero line. If investors continue to exit or increase their bearish positions, the S&P 500 index may extend its decline, falling to the 100-day moving average of $1.29.

Traders should consider lowering bullish expectations as the Relative Strength Index (RSI) on the daily chart is at 46, indicating that buying pressure is decreasing.

On the contrary, the rebound of SPX may test the high of $1.80 set on January 19.

(Source: Trading View)

VIRTUAL continues to decline, dumping pressure intensifies

As of the writing of this article, VIRTUAL has fallen over 1%, continuing its downward trend for the fifth consecutive day. On July 23, VIRTUAL dropped nearly 12% from the resistance trend line formed by connecting the peaks of January 2 and May 27, triggering a continued decline.

VIRTUAL broke below the $1.27 support level tested last Wednesday, supported by a potential death cross between the 50-day and 200-day moving averages. The target for the bearish trend is the $1.04 support level tested on April 28.

Technical indicators support the downtrend, as the MACD indicator shows a continuously rising red histogram, and the RSI reading on the daily chart is 31, close to the oversold boundary.

If VIRTUAL breaks through the support level of 1.27 USD again, it may continue its recovery momentum to the 200-day EMA of 1.45 USD.

(Source: Trading View)

PENDLE struggles below the 50-day moving average

As of the time of writing, the PENDLE price has dropped by over 1%, reported at $3.98. The MACD indicator supports the token breaking below the 50-day moving average of $4.05, and the indicator issued a sell signal on Tuesday.

Investors may view the upward trend indicated by the red bar chart as a sign of strengthening bearish momentum. In addition, the RSI has dropped below the midpoint to 44, indicating a sharp decline in buying pressure.

The 200-day moving average at $3.82 remains a strong dynamic support for PENDLE. Sellers may consider a definitive break below this support level as an entry opportunity, with the target set at the support level of $3.59.

On the other hand, if the PENDLE token price reverses above the last tested level of $4.13 on Wednesday, it may continue to rise to the weekly high of $4.73.

(Source: Trading View)