🚨 VELVET just got absolutely destroyed.
$VELVET collapsed from $0.91 to $0.15 in a matter of hours and is now around $0.18, down more than 73% in 24H. Volume exploded during the move — this looks like a massive liquidation/forced-selling event rather than a normal correction. Market data from other venues also confirms the extreme intraday collapse.
The important part: I can’t find evidence of a new hack or fundamental exploit behind today’s move. Recent coverage instead points to how extremely overextended VELVET had become after a huge rally, with thin liquidity making the reversal much more violent.
📊 Technically:
Price is far below the 1H Bollinger middle band at $0.466. The low at $0.151 is now the key support.
🔴 VELVET — SHORT on bounce
💰 Entry: 0.25–0.32
🎯 TP1: 0.18
🎯 TP2: 0.15
🎯 TP3: 0.12
🛑 SL: 0.37
🚀 Leverage: 2–3x
⚠️ Do NOT chase the dump. After a -73% candle, another violent short squeeze is absolutely possible.
If VELVET can reclaim $0.32–0.37, I would cancel the short idea and wait. If it stays below that zone, the market is still showing no real recovery.
And there is another problem: 58.7% of the total VELVET supply remains locked, with the next scheduled unlock on September 10 releasing ~19.6M tokens.
VELVET already went from one of the hottest AI/DeFAI narratives to a 73% single-day collapse.
Now the question isn’t “where is the bottom?”
It’s whether buyers can actually defend $0.15 — or whether this was only the first liquidation wave. 👀📉
#Velvet #Binance #futures #crypto #Trading