- VELO holds $0.016 support as bullish momentum builds after recovery from $0.0155 low
- Trading volume hits $38.4M while price consolidates near $0.016 with 91% bullish sentiment
- VELO market cap at $120.87M as token eyes breakout above $0.0166 toward $0.018 levels
After a small drop of 0.91% in the last 24 hours, VELO is now worth $0.01635. The token’s daily high was $0.01660 and its daily low was $0.01550, showing that the trading range was small. This behavior shows that there is a phase of consolidation after a recent drop.
Source: Kamran on X
The support zone around $0.0155 has been important because buyers came in after the early session drop. The fact that prices have gone back up from this level shows that demand is still high. The next bullish push needs to happen between $0.0166 and $0.0170, which is where immediate resistance is. If VELO goes above this range, the next targets for the upside could be between $0.018 and $0.020.
The structure of the market and technical signals
VELO’s market structure changed from a long-term downtrend to a range between $0.015 and $0.016. There was a breakout above this accumulation range earlier, which could mean that the trend is about to change. If the level holds, the current consolidation above the support zone supports this bullish view.
Technical indicators show indicator neutral to slightly bullish position. The RSI is 51.30; this implies that the market has not been too high or too low and the MACD is just close to zero, implying that the market is not so volatile either. These indicators indicate that the market is not making an open intention to take one way or the other.
Market Metrics and Mood
The market cap of VELO is $120.87 million, and the fully diluted value is $392.16 million. There are 7.39 billion VELO in circulation, which is about 30.8% of the maximum supply of 24 billion. The amount of trading that happened in the last 24 hours was $38.4 million, which is a small drop of 11%.
The community’s mood is still very positive, with 91% of those who answered saying they were bullish. Traders seem to think that prices will keep going up because they are optimistic and prices have stayed above $0.016. If the $0.0155 support level isn’t held, though, selling pressure could start up again.
