VELO's trading volume shows signs of an impending breakout, indicating the potential formation of a bullish rally. The analysis of historical cycles suggests that repeating previous patterns could lead to a significant price increase.
Historical Patterns Suggest Bullish Momentum
VELO has followed a cyclical price movement over the past two years. In early 2023, it witnessed an initial surge before declining. However, late 2023 saw another breakout, marked by increased trading volume, fueling an uptrend into early 2024. Prices nearly doubled before a correction set in.
Trading Volume Signals Imminent Move
VELO’s volume chart showcases a declining trend since 2023, currently hovering at multi-month lows. A similar drop in volume preceded the last breakout in 2023. Consequently, a volume spike at this stage could trigger another surge. Historical data suggests that lower volume levels often precede substantial bullish breakouts.
Key Support Levels and Growth Potential
Another rally emerged in mid-2024, pushing VELO to its highest recorded level. However, a slow decline followed, leading to its current state. Now, another breakout signal appears at a crucial support level. Historical price trends indicate that a rebound could be imminent, with previous resistance now turned into strong support, a bullish indicator.
Historical patterns and current trading volume suggest a potential new bullish trend for VELO. Investors and traders continue to monitor the situation, anticipating possible growth and opportunities.
