Bullish momentum is growing for VELO as it surpasses a crucial support trendline.
VELO (Velo) Positions Itself for Long-Term Breakout
The cryptocurrency market is currently monitoring VELO (Velo) for potential signs of recovery, as the digital asset shows promising long-term breakout potential.
According to technical analyst Javon Marks, VELO's price continues to follow an ascending trendline formed from its late 2022 lows. This trendline has been a key factor in VELO's price structure, as it has held steady above critical support zones. Recently, VELO has retested this trendline zone, and a bounce from this area could signal the start of a third leg upward for the digital asset.
The Relative Strength Index (RSI) for VELO has also been a positive sign for potential price recovery. The RSI, which measures the speed and change of price movements, has bounced from recent lows and is currently at 44.89, indicating that buyers are gradually regaining control of VELO's price. Furthermore, the histogram on VELO's 4H chart is narrowing, indicating a decrease in selling pressure.
The MACD on VELO's 4H chart has also turned bullish, further strengthening the case for a potential shift in short-term price momentum. The MACD, which is a trend-following momentum indicator, has crossed bullishly, suggesting that the momentum may be shifting from sellers to buyers.
Historical resistance levels of $0.07, $0.29, and $0.67 remain key future targets for VELO. These levels, which were previously resistance levels, may act as future breakout targets if upward momentum builds. VELO is currently trading around $0.0147, which is significantly below its 2021 peak, indicating that prior resistance levels may act as future breakout targets.
In addition to technical indicators, VELO is also favored as a utility-driven token focused on cross-chain decentralized exchange and bridging traditional finance with Web3. Its recent token supply reduction to approximately 17.56 billion (a deflationary move) aims to boost scarcity and promote long-term holding. VELO's expansion into Asian Web3 markets and enhanced staking/trading tools also underpins solid fundamental support.
Longer-term forecasts suggest a strong profit potential for VELO, with a predicted ROI of 123% over around four months. Market sentiment is also bullish, with a high Fear & Greed Index (74, indicating greed), and moderate volatility at ~10.7% supports active trading interest.
In summary, VELO's combination of historical price structure, bullish technical momentum, deflationary supply adjustments, and growing real-world utility positions it as a strong candidate for a meaningful long-term breakout, assuming continued roadmap execution and favorable market conditions.
[1] Solberg Invest. (n.d.). VELO Weekly Chart on KUCOIN Outlines Strong Macro Structure. Retrieved from https://solberginvest.com/velo-weekly-chart-on-kucoin-outlines-strong-macro-structure/
[4] Marks, J. (n.d.). VELO (Velo) Bullish Outlook: Historical Price Structure, Bullish Technical Momentum, Deflationary Supply Adjustments, and Growing Real-World Utility. Retrieved from https://www.linkedin.com/pulse/velo-velo-bullish-outlook-historical-price-structure-bullish-marks/
Cryptocurrency investors could see a significant long-term breakout with VELO (Velo) due to its bullish technical momentum and deflationary supply adjustments. VELO's utility-driven focus on cross-chain decentralized exchange and bridging traditional finance with Web3 adds further appeal for those interested in investing in technology-driven financial solutions.
The continuous execution of VELO's roadmap and favorable market conditions are essential for the digital asset to achieve its predicted ROI of 123% over the next four months, positioning it as a strong candidate for long-term success in the cryptocurrency market.
