Bearish Signals for Velodrome Finance (VELO/USDT): Is $1 Realistic in 2024?

Velodrome Finance ($VELODROME ) is currently trading at $0.209 (-15.86%), facing a significant pullback despite recent bullish momentum. The price has been impacted by a sharp decline, indicating potential bearish pressure.

Key Insights:

Support Level: Holding at $0.19.

Resistance Target: $0.30 (short-term) and $0.50 (mid-term).

Technical Indicators: MACD signals weakening momentum, RSI shows oversold conditions.

Strategy: Monitor for a price rebound above $0.22. Watch for trend reversals and consider market-wide conditions before making any large moves.