$VELODROME /USD AT A CROSSROADS: WHAT'S NEXT?
The VELODROME/USD pair is currently trading at $0.1713, showing a slight decline of 0.5% in the past 24 hours. The 24-hour high and low are $0.1748 and $0.1689, respectively, with a trading volume of 21.12 million VELODROME and 44.76 million USD. The 15-minute candlestick chart indicates a recent downward trend, suggesting potential bearish momentum.
Trade Scenarios:
- Bullish Scenario: If the price breaks above $0.1748, it could target $0.1800 with a take profit (TP) at $0.1800 and a stop loss (SL) at $0.1700.
- Bearish Scenario: If the price falls below $0.1689, it could target $0.1650 with a take profit (TP) at $0.1650 and a stop loss (SL) at $0.1710.
Market Outlook:
The market is currently experiencing some downward pressure, with prices hovering near recent lows. Traders should watch for key support and resistance levels to determine the next move. The overall sentiment appears cautious, with potential for further downward movement.
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