$VELODROME /USDT Technical Analysis and Targets
š Current Price: $0.1835 (-7.23%)
š Timeframe: 30m
$VELODROME /USDT is under bearish pressure, nearing its 24-hour low of $0.1800. The price has steadily declined from the recent high of $0.2109, signaling a strong downtrend with potential opportunities near key levels.
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Targets Identified:
1. Immediate Support: $0.18
This level is the 24-hour low and a critical support zone. Breaking below this could accelerate the downtrend toward the $0.17 range.
2. Resistance Level 1: $0.19
A minor recovery could test this level, but breaking above it would be crucial for halting the bearish momentum.
3. Major Resistance: $0.21
The recent swing high at $0.21 represents the next key resistance. A move above this level may indicate a trend reversal.
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Trading Suggestions:
Short-Term: Monitor $0.18 for a possible bounce or breakdown. Short positions can target this level with stop-losses slightly above $0.185.
Mid-Term: If the price recovers to $0.19, consider securing partial profits while assessing momentum.
Long-Term: A confirmed breakout above $0.21 with volume could signal a bullish reversal, targeting $0.23.
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š” Pro Tip: Keep an eye on volume spikes at critical levels to confirm price movement. Use trailing stop-losses to lock in profits during volatility.
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