$VELODROME VELODROME/USDT Analysis: Sharp Drop in DeFi Token
📉 Current Price: $0.1159 (-11.73%)
📊 24h High: $0.1343
📈 24h Low: $0.1149
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Market Overview
VELODROME/USDT has experienced a significant bearish decline, dropping nearly 12% in the last 24 hours. The token has hit a new 24-hour low of $0.1149, with no signs of reversal yet. The Parabolic SAR dots remain above the candles, confirming continued downward pressure.
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Key Levels to Watch
Resistance Levels:
🔹 $0.1244 - Immediate resistance; a break above could indicate the start of recovery.
🔹 $0.1277 - Strong resistance level aligned with the Parabolic SAR trend.
Support Levels:
🔹 $0.1149 - Immediate support; a failure to hold this level may lead to further declines.
🔹 $0.1100 - Psychological and technical support.
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Technical Indicators
Parabolic SAR: Indicates a persistent bearish trend with dots above the price action.
Volume: Increased selling pressure, highlighting panic-driven exits.
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Trading Strategy
For Long Positions:
🔹 Entry: $0.1149-$0.1150 (if the support holds).
🔹 Targets: $0.1244 and $0.1277.
🔹 Stop-loss: Below $0.1100.
For Short Positions:
🔹 Entry: $0.1240-$0.1270 (if the price faces rejection).
🔹 Targets: $0.1149 and $0.1100.
🔹 Stop-loss: Above $0.1300.
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💡 Observation: VELODROME is currently under heavy selling pressure as the broader DeFi market also experiences corrections. Traders should remain cautious and look for confirmation signals at key support and resistance levels before entering trades.
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