There are more people panicking than making money. In this round, $VELVET fell 16.74%, dropping from 0.0957 to 0.0766. Trading volume of 25.96 million USD held up against 329 million in turnover, with an average single trade price of less than one cent — it has a very strong washout feel.
The holding logic: 0.0725 was today’s low. It was approached but not broken, which suggests someone is supporting the price here and not letting panic selling push it through. The exiting logic: from 0.0957 to 0.0766, the drop is nearly 20% and there is still no clear sign of a bottom. Short-term funds have no reason to stay in the fight. The key short-term question is whether 0.0725 can hold — if it breaks, look down toward around 0.068 for defense and a tactical battle; if it rebounds, the first resistance to watch is around 0.0860. If going long, place the stop below 0.069, meaning using 1 cent of downside risk to exchange for 1.4 cents of rebound room. Otherwise, if it directly breaks below 0.0725 on volume, don’t try to catch a falling knife.
No need to rush at this kind of level — wait for the next candle to give direction.
#VELVET
The holding logic: 0.0725 was today’s low. It was approached but not broken, which suggests someone is supporting the price here and not letting panic selling push it through. The exiting logic: from 0.0957 to 0.0766, the drop is nearly 20% and there is still no clear sign of a bottom. Short-term funds have no reason to stay in the fight. The key short-term question is whether 0.0725 can hold — if it breaks, look down toward around 0.068 for defense and a tactical battle; if it rebounds, the first resistance to watch is around 0.0860. If going long, place the stop below 0.069, meaning using 1 cent of downside risk to exchange for 1.4 cents of rebound room. Otherwise, if it directly breaks below 0.0725 on volume, don’t try to catch a falling knife.
No need to rush at this kind of level — wait for the next candle to give direction.
#VELVET