$VELVET spiked to 2.17, and everyone who bought that top is now down 75%+ 📉

The story in the candles:
• Massive green spike out of nowhere to 2.17 — classic pump, likely low liquidity driven
• Immediate rejection and multi-day bleed back to 0.44 — textbook distribution after a spike
• Price has been grinding sideways 0.35-0.60 for days, basing under MA25 (0.58) resistance
• Today's -12% wick down to 0.258 then recovery to 0.447 = stop hunt, not a clean breakdown

This is post-pump purgatory. The spike buyers are trapped, the MA7 (0.50) and MA25 (0.58) are both capping price as overhead resistance now.

Levels that matter:
• Reclaim 0.50-0.58 zone → could trigger a relief squeeze toward 0.70+
• Lose today's 0.258 low → next stop is toward the pre-spike base near 0.15-0.20

This is a name for range traders, not trend followers right now — chop until proven otherwise.

Not financial advice — high-risk chart, keep size small.

Are you fading the bounce or waiting for a reclaim on $VELVET ? 👇