๐ $VELODROME /USDT: Analyzing the Momentum! ๐๐
The VELODROME/USDT pair is currently trading at $0.2343, reflecting an impressive +25.90% increase over the past 24 hours. With a 24H high of $0.2370 and a low of $0.1851, the pair is exhibiting strong bullish momentum. Here's a comprehensive breakdown of trading opportunities:
๐ฅ Short Position Signal
Entry Zone: $0.2350 - $0.2370
Take Profit (TP):
TP1: $0.2280
TP2: $0.2200
Stop Loss (SL): $0.2400
Rationale: The price is near its recent high at $0.2370, which could act as a resistance zone. If a rejection occurs, a short trade could capitalize on a retracement.
๐ Long Position Signal
Entry Zone: $0.2280 - $0.2300
Take Profit (TP):
TP1: $0.2370
TP2: $0.2450
Stop Loss (SL): $0.2250
Rationale: The bullish momentum indicates potential for further upside. A retracement to the $0.2280-$0.2300 support zone provides a favorable entry point for long trades, aiming for new highs.
Market Context ๐ง
VELODROME/USDT continues to show strong upward movement, but the price is approaching resistance levels. Volume and momentum will be key in determining whether a breakout or correction occurs. Utilize strict risk managementโsecure partial profits and adjust stop losses as the price moves toward your targets.
