$VELVET has shown a strong recovery after bouncing from the $0.4410 support zone, with buyers stepping in aggressively and pushing the price back above the short-term moving averages. The recent surge in volume suggests renewed market interest, but price is now approaching a key resistance area where sellers could become active.
The MA(7) has crossed above the MA(25), signalling improving short-term momentum, while the price is trading above the MA(99), which is another positive sign. However, bulls still need to reclaim higher resistance levels to confirm a stronger trend reversal.
📈 Key Levels
Support: $0.4580 – $0.4520
Major Support: $0.4410
Resistance: $0.4750 – $0.4810
Major Resistance: $0.4950 – $0.5056
🎯 Trade Setup (Bullish Bias)
Entry: $0.4600 – $0.4660
Targets:
TP1: $0.4750
TP2: $0.4860
TP3: $0.5000
Stop Loss: Below $0.4520
If the price breaks and closes above $0.4810 with strong volume, it could open the door for another move toward the $0.50–0.5056 zone. On the other hand, losing $0.4520 may trigger a pullback toward $0.4410 before buyers attempt another recovery.
Overall Bias: Cautiously Bullish — Momentum has shifted in favour of the bulls, but confirmation above resistance is still needed before expecting a sustained rally.
The MA(7) has crossed above the MA(25), signalling improving short-term momentum, while the price is trading above the MA(99), which is another positive sign. However, bulls still need to reclaim higher resistance levels to confirm a stronger trend reversal.
📈 Key Levels
Support: $0.4580 – $0.4520
Major Support: $0.4410
Resistance: $0.4750 – $0.4810
Major Resistance: $0.4950 – $0.5056
🎯 Trade Setup (Bullish Bias)
Entry: $0.4600 – $0.4660
Targets:
TP1: $0.4750
TP2: $0.4860
TP3: $0.5000
Stop Loss: Below $0.4520
If the price breaks and closes above $0.4810 with strong volume, it could open the door for another move toward the $0.50–0.5056 zone. On the other hand, losing $0.4520 may trigger a pullback toward $0.4410 before buyers attempt another recovery.
Overall Bias: Cautiously Bullish — Momentum has shifted in favour of the bulls, but confirmation above resistance is still needed before expecting a sustained rally.