Trading Analysis for $VELODROME /USDT (30m)
Current Price: $0.1822 (+0.33%)
Technical Overview:
The market has shown strong volatility with a recent upward push in price action. Key levels have been identified for potential short-term trading opportunities.
Targets:
1. Target 1 (Immediate Support): $0.1760
This level acts as a strong support zone from recent lows. A break below could invite bearish momentum.
2. Target 2 (Resistance): $0.1860
A critical resistance zone; surpassing this could lead to further bullish continuation.
3. Target 3 (Breakout Level): $0.1900
A breakout above this level could confirm a new bullish trend and attract higher buying interest.
Action Plan:
For long positions: Accumulate near $0.1760 if support holds. Target $0.1860 for partial profit and $0.1900 for a full exit.
For short positions: Watch for rejection near $0.1860 or $0.1900 to target $0.1760.
Manage risks by adjusting stop losses appropriately.