Can close now this Trading $VELODROME

🚨 VELODROMEUSDT Analysis 🚨

🔍 Key Market Insights

VELODROME (VELO) has shown significant price fluctuations since listing. Initial sharp gains to $0.30989 have faced strong rejection, pulling the price down to $0.232.

🧩 Fundamental Analysis

Project Highlight: VELODROME, operating on the Optimism (OP) blockchain, focuses on liquidity efficiency in decentralized finance (DeFi). Recent publicized investments (e.g., by U.S. Congressman Dean Phillips) brought spotlight and volatility to the token.

Market Sentiment: Despite strong investor interest, quick sell-offs from new entries have led to a bearish sentiment short-term.

📊 Technical Analysis

Resistance Levels: $0.24976 (Breakeven)

Support Levels: $0.232 (Current Low)

Volume Analysis: 165M+ USDT indicates traders are actively buying/selling but hesitant to hold.

🔺 Bearish Structure:

Price rejection at $0.30989 (Strong Resistance) confirms heavy profit booking.

Candlesticks show long upper wicks, signaling selling pressure above $0.25.

🕯️ Candlestick Analysis

The formation of Bearish Engulfing Candles near the resistance zone points to increased selling pressure.

If the current support of $0.232 breaks, VELO can test lower levels.

📉 RSI Analysis

RSI currently sits below 50 – a clear signal of bearish momentum.

If RSI drops near 30, oversold conditions could trigger a bounce.

🚀 Trading Signal: Short Position

Entry: $0.245 – $0.249
Stop-Loss: $0.255
Take-Profit Targets:

TP1: $0.232

TP2: $0.225

💡 Caution: Monitor market volatility and volume changes closely. If VELO sustains above $0.25, reassess for a potential trend reversal.

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