- At press time. The Velo token had less than 25% of its total supply in circulation.
- The token’s price traded in green for 18 days in the last 30 days.
Since its launch, the Velo (VELO) has witnessed a massive profit booking, leading the price down by over 95%. However, a ray of hope has recently been lit as the VELO price experienced buying sentiment. Will this rise signal a turnaround, or is it just a brief pause in a continuing downtrend?
VELO Price Shows Volatility and Optimism
Over the past year, the VELO crypto has experienced a price increase of 115% despite an overall negative price trend.
In the last 24 hours, the token’s market capitalization rose by 5.7%, indicating a growing interest. It was accompanied by a 10.4% increase in trading volume, reflecting heightened demand for the asset.
At the time of writing, the token exhibited significant volatility, with a rate of 13.18%. Such volatility could lead the VELO price to unpredictable future fluctuations. This could pose risks and opportunities for investors.
The Fear and Greed Index for VELO stood at 50, signifying neutral investor sentiment in the crypto market. However, according to Coincodex, sentiment around the token was largely bullish. This suggested optimism among market participants.
Derivatives Activity in the VELO Crypto
VELO Crypto recorded a 21% decline in derivatives volume, bringing the traded value to $29.79 million. This drop, however, highlighted an increase in demand for the token, suggesting growing interest among market participants.
In recent weeks, liquidation activity for VELO has been on the decline. Despite this trend, a notable $51.05K worth of short positions were liquidated in the last 24 hours. This indicated a strong bearish sentiment.
Additionally, the token saw long liquidations worth $19.31K. It further emphasized the buyers’ dominance in shaping the VELO price movement.
Open interest in VELO declined by 0.72% in the last 24 hours, reducing the number of open derivative positions. This may reflect a cautious outlook among traders.
Technical Analysis: VELO Crypto’s Uptrend and Chart Patterns
The VELO crypto price followed an uptrend, slowly advancing to higher levels. Moreover, the most recent price action on the token’s daily chart showed the formation of higher highs on the chart.
While the VELO price was in a downtrend, it declined in a falling wedge pattern. The profit booking in price started from the swing high of $0.0288. Later, the price broke above the falling wedge pattern and followed a string uptrend.
Again, a rising wedge pattern and the formation of bullish candlesticks on the chart followed the uptrend in price.
VELO Token: Technical Indicator Overview
The 20, 50, and 200-day EMAs traded in a golden cross on the daily chart. Additionally, the VELO crypto price traded above the following EMAs was sustained above the same.Â
VELO/USD Chart by TradingView.com
The MACD gave a strong buy signal as the MACD and the signal line traded in a golden cross. Moreover, both the metrics traded in a positive trajectory, followed by the formation of bullish histograms.
The RSI also followed a bullish cycle on the VELO token daily chart. The RSI also took support at the 50-level and sustained above the same.
The VELO price might take support at $0.0070 and $0.110. It was followed by the resistance levels of $0.020 and $0.0280.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.