$VELODROME /USDT Technical Analysis & Trade Signal
Current Price: $0.1906 (+6.96%)
Market Overview:
24h High: $0.1925
24h Low: $0.1760
Volume: 72.30M (VELODROME), 13.30M (USDT)
Price Movement: Strong bullish momentum observed, with a solid price increase in the last 24 hours.
Technical Analysis:
1. Trend Analysis:
The price is in an uptrend, with clear upward movement over the past 24 hours.
Support level: $0.1760 (24h Low), and $0.1800 (minor support from previous price action).
Resistance level: $0.1925 (24h High), followed by $0.20, which could act as a strong psychological resistance.
2. RSI (Relative Strength Index):
RSI is around 65, indicating strong bullish momentum but not overbought. There is still room for upward movement without risking immediate reversal.
3. Moving Averages:
Short-term MA (50) is above the long-term MA (200), supporting a bullish trend.
4. MACD:
The MACD line is above the signal line, showing continuation of the bullish trend.
Trade Signal:
Buy Signal:
Entry Price: $0.1900 (You can enter at the current price or wait for a slight pullback to $0.1850 for a better entry).
Stop Loss: $0.1750 (Below the 24h low to ensure minimal loss in case of a reversal).
Target Levels (🎯):
1. Target 1: $0.20
A key psychological resistance, and a reasonable target based on recent price action.
2. Target 2: $0.21
If the price breaks through the $0.20 resistance, it may target the next resistance at $0.21, which is a previous high.
3. Target 3: $0.22
Further bullish continuation could bring the price to $0.22, a higher resistance level where profit-taking might occur.
Trade Momentum:
The current bullish momentum is supported by increasing volume and positive price action.
Watch for pullbacks to the $0.1850-$0.1900 range for potential re-entry opportunities if the market consolidates before continuing upward.