$VELVET has cooled off after its sharp 1-hour breakout, with price now consolidating around $0.0775 following the rejection from the $0.0950 area.
The pullback is bringing price closer to the marked demand zone around $0.0615 – $0.0640, which sits beneath the current consolidation and could become the main area of interest if the retracement continues.
A deeper sweep into that demand zone would allow the market to retest the breakout base and potentially build enough support for another expansion higher.
If buyers defend the zone, the next upside move could target the previous spike area around $0.0950, with a break above that level opening the path toward the $0.1000 region.
#Velvet
The pullback is bringing price closer to the marked demand zone around $0.0615 – $0.0640, which sits beneath the current consolidation and could become the main area of interest if the retracement continues.
A deeper sweep into that demand zone would allow the market to retest the breakout base and potentially build enough support for another expansion higher.
If buyers defend the zone, the next upside move could target the previous spike area around $0.0950, with a break above that level opening the path toward the $0.1000 region.
#Velvet
