Current price movements of the VELO token indicate a potential rise following a phase of consolidation, confirmed by historical trends and technical indicators.
Historical Trends and Divergences
The price of VELO has shown repeated surges following hidden bullish divergences. For instance, in mid-2024, the price increased by over 420%, from $0.0042 to over $0.022. This rally occurred following the confirmation of a bullish divergence, seen in other significant price rallies.
Technical analyst Javon Marks noted that VELO’s current price near $0.0033 aligns with historical support zones between $0.0025 and $0.0030. These levels have repeatedly served as accumulation points before price rallies. Marks explained that the MACD indicator is showing a hidden bullish divergence similar to the one preceding the 2024 surge. The histogram and signal lines indicate growing momentum, which could signal the start of a recovery.
Ascending Trends and Support Zones
The price history of VELO also reflects a consistent ascending trendline since late 2022 near $0.0010. This trendline has supported higher lows through 2023 and into 2024, guiding the price upward.
According to analyst Rafaela RIGO, VELO's current trading price of $0.012477 is testing the mid-resistance level at $0.014000. This level intersects with the ascending trendline and has been a key reaction point throughout 2024. Rafaela highlighted that the upper resistance at $0.037553 remains unbroken, with previous attempts resulting in price reversals and long candlestick wicks.
Recent price activity shows narrowing ranges, with lower highs and higher lows forming a zone of consolidation. Rafaela noted that $0.011848 is a significant level of support. A close below here could set off a drop to the $0.007061 demand zone, which previously fueled massive rallies.
Final Thoughts on VELO
Both analysts stress the importance of current levels to supply structural strength. In the event of further bearish divergences and significant support holding, VELO can replicate past spurs and aim for price levels above $0.015.
Technical analysis of VELO indicates potential growth with the maintenance of key levels. Investors and analysts continue to monitor price dynamics amid current market volatility.
