$VELVET has a high probability of extending its bearish move after repeated rejections from resistance and weakening bullish momentum. Consider a Short position, but the risk is moderate due to possible short-term bounces.

Short Setup

Entry: $0.4610 – $0.4650
TP: $0.4550 – $0.4500 – $0.4450 – $0.4380
SL: $0.4750