$VELVET has delivered an explosive breakout, surging over 70% in a very short period and reaching a local high around 0.8887. The sharp rally confirms strong bullish momentum, but after such a vertical move, increased volatility and profit-taking should be expected.
đč Technical Outlook
Price remains above the 7 MA (0.7459), while the 25 MA (0.5466) and 99 MA (0.4640) are trending well below current price, confirming a strong bullish structure.
The recent pullback from 0.8887 appears to be a healthy correction rather than a trend reversal, as buyers quickly defended the 0.71â0.75 support area.
Volume expanded significantly during the breakout, showing genuine buying interest instead of a weak pump.
đ Key Levels
Immediate Support: 0.71â0.74
Major Support: 0.65â0.68
Resistance: 0.81, followed by 0.89
Breakout Target: If 0.89 is reclaimed with strong volume, the next upside zone could be 0.95â1.00.
â ïž Trading Strategy
Aggressive traders may look for entries on dips toward the 0.72â0.74 zone with proper risk management.
Chasing green candles after a 70% rally carries higher risk, so waiting for confirmation or a healthy retest is the safer approach.
A loss of the 0.71 support could trigger a deeper correction toward 0.65 before another bullish attempt.
Overall Bias: Bullish đą
The trend remains positive as long as $VELVET holds above the 0.71â0.74 support zone. A confirmed breakout above 0.89 could open the door for a move toward the psychological $1.00 level.
đč Technical Outlook
Price remains above the 7 MA (0.7459), while the 25 MA (0.5466) and 99 MA (0.4640) are trending well below current price, confirming a strong bullish structure.
The recent pullback from 0.8887 appears to be a healthy correction rather than a trend reversal, as buyers quickly defended the 0.71â0.75 support area.
Volume expanded significantly during the breakout, showing genuine buying interest instead of a weak pump.
đ Key Levels
Immediate Support: 0.71â0.74
Major Support: 0.65â0.68
Resistance: 0.81, followed by 0.89
Breakout Target: If 0.89 is reclaimed with strong volume, the next upside zone could be 0.95â1.00.
â ïž Trading Strategy
Aggressive traders may look for entries on dips toward the 0.72â0.74 zone with proper risk management.
Chasing green candles after a 70% rally carries higher risk, so waiting for confirmation or a healthy retest is the safer approach.
A loss of the 0.71 support could trigger a deeper correction toward 0.65 before another bullish attempt.
Overall Bias: Bullish đą
The trend remains positive as long as $VELVET holds above the 0.71â0.74 support zone. A confirmed breakout above 0.89 could open the door for a move toward the psychological $1.00 level.