In recent days, VELO/USDT has been testing long-term support after falling from December 2023 highs. Technical signal analysis suggests potential breakout opportunities.
Support Holds With Hidden Bullish Divergence
VELO has tested its trendline three times since 2022, prompting short-term gains each time. The recent bounce from $0.0112 supports the bullish structure. Analyst Javon Marks pointed out hidden bullish divergence between price and MACD on the daily chart, highlighting the formation of higher lows while the MACD shows lower lows, indicating waning bearish pressure. This pattern often precedes trend reversals.
Symmetrical Wedge Tightens Ahead of Decision
The weekly chart shows price compressing inside a wedge between rising support and falling resistance. This configuration has formed since 2022 and encompasses all recent moves. Analyst Solberg Invest identified upper resistance levels shaped by past rejections at $0.035 and $0.042, noting that this zone aligns with the wedge top and represents a breakout target.
Forecasts and Price Levels
Solberg projected initial upside targets between $0.05 and $0.063 upon confirmation of support. Secondary targets are set at $0.26 and $0.31, based on past consolidation zones, with long-term goals of $0.46 and $0.67.
Current market conditions for VELO present potential for a breakout, considering support and technical signals, with analysts awaiting confirmation of trend continuation.
