Analysis of the altcoin VELO points towards a possible new rise, with confirmed price levels and increasing trading volumes. Technical results show that the asset may be prepared for the next phase.
Technical Analysis of VELO's Chart
VELO's chart shows three historical formations of falling wedges with current consolidation signaling a potential rally. Analyst Javon Marks notes that the daily chart features a confirmed bullish continuation setup, with the first wedge leading to a rally lasting several months, followed by similar movements displaying the asset's resilience.
Structural Growth Confirmation
Further analysis reveals key zones and Fibonacci levels confirming a bullish trend. The presence of a trendline indicates continued growth. Price targets are clearly defined, including potential growth to $0.10 with opportunities for a 600% return up to $0.378436, reflecting established resistance from 2021.
Surge in Volume and Its Significance
Between August 17 and 23, trading volumes for VELO saw significant fluctuation, indicating growing bullish momentum. On August 23, a substantial volume spike broke through short-term resistance, potentially marking the beginning of a new asset growth phase.
Considering the technical analysis and increasing volumes, VELO is showing signs of readiness for the next growth phase. Investors and traders may closely monitor further developments in the market.
