contributor
Posted:
- VELO may see an 81% surge, supported by strong market sentiment and whale accumulation.
- Oversold RSI and narrowing Bollinger Bands recommended a possible value breakout for VELO.
Velo [VELO] has been drawing consideration out there lately, with some analysts suggesting that the token may see important upward momentum.
An evaluation shared by a crypto analyst named Javon Marks on the X (previously Twitter) claimed that VELO may make an 81% transfer towards $0.028876, pushed by bullish market situations.
However does the info assist this optimistic outlook?
At press time, VELO was buying and selling at $0.01611, an 8.94% each day enhance. This mirrored rising curiosity and constructive sentiment surrounding the token.
Moreover, the token has maintained a wholesome market cap of $119M with robust buying and selling volumes of $21.69M during the last 24 hours.
These figures indicated strong market curiosity, however does this translate into sustainable progress?
Is whale accumulation fueling VELO’s progress?
Whale exercise has been a key driver for a lot of bullish strikes in cryptocurrency markets. On-chain information revealed that VELO has seen important whale accumulation, evident within the complete liquidations chart.
The balanced mixture of $5.6K in shorts and an growing quantity of $1.13K in lengthy positions recommended whales and bigger traders have been assured in VELO’s upward potential.
Moreover, regardless of latest liquidations, there was no sharp drop in VELO’s value.
This stability typically hints that whales are accumulating tokens with out inflicting value shocks, signaling confidence in its potential for future progress.
Supply: Coinglass
Can technical indicators assist a breakout?
The RSI (Relative Energy Index) was 28.35 at press time, indicating that VELO was in an oversold zone. This sometimes recommended that promoting stress was weakening, and a reversal could also be on the horizon as consumers start to step in.
Equally, per the Bollinger Bands, VELO was nearing the decrease band, at $0.01602 at press time, whereas the higher band was at $0.01644. This tightening recommended low volatility, and approaching the decrease band typically signaled a possible value bounce.
Supply: TradingView
These indicators collectively recommended that VELO could quickly expertise a rebound, however a break above key resistance ranges will likely be important for sustained upward momentum.
What’s the probably final result?
Though analysts recommended an 81% enhance, the precise technical setup presents a extra cautious outlook.
Learn Velo’s [VELO] Worth Prediction 2024–2025
For VELO to attain such a major transfer, it should first break above the present resistance at $0.016 and maintain momentum.
The market sentiment, whale accumulation, and oversold situations assist a possible short-term rise, however merchants ought to look ahead to affirmation of a breakout earlier than anticipating an 81% rally.
