Velvet Token Price Surge Sparks Trader Interest
- Price Breakout: The Velvet token surged to $0.8338 in a single day, marking a 67.9% increase from a low of $0.4828, breaking a three-week consolidation pattern and catching traders off guard, sparking widespread discussions.
- Liquidity Integration: The Velvet team's routing integration with Aerodrome allows users to access deeper liquidity and yield pools on a single platform, enhancing trading efficiency and indicating that the project is driven by real product activity rather than mere speculation.
- Market Reaction: In the last 24 hours, short liquidations reached $397.87K, revealing that many traders were betting against this move and were quickly forced to cover their positions, further propelling the price upward.
- Long-Term Outlook: Despite the current RSI reading of 81.40 indicating overbought conditions, strong trends may persist; analysts suggest that if Velvet can maintain a weekly close above $0.6619, it will signal that this surge is more than just a short-term phenomenon, potentially continuing to attract more trading volume.
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Technical Analysis for VELVET
Technical Sentiment Analysis for Velvet (VELVET). As of , Velvet (VELVET) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 9 technical signals, shows that 3 indicators are flashing buy, while 6 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for VELVET stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, VELVET is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Velvet (VELVET) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | -1.396 | -0.506 | 0.19 | 1.08 | 1.777 | 2.666 | 3.363 |
| Fibonacci | -0.506 | 0.0998 | 0.474 | 1.08 | 1.686 | 2.06 | 2.666 |
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