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The VELVET/USDT pair is currently undergoing a healthy consolidation phase, trading around $0.50 after pulling back from its all-time high of $1.85 reached earlier this month.
Key Technical Levels
* Support Zone: Strong horizontal demand is established between $0.46 and $0.48, proving to be a reliable floor where buyers are actively stepping in. * Resistance Zone: The immediate hurdle sits at $0.52. A decisive breakout above this level confirms a bottom reversal pattern.
Momentum Indicators
The 14-day Relative Strength Index (RSI) hovers near 48, indicating a perfectly balanced, neutral market momentum with no oversold or overbought extremes. Meanwhile, the MACD lines are flattening and converging near the zero line, signaling a volatility squeeze that typically precedes a sharp, expansionary move. Trading Outlook: If VELVET holds above $0.46, the outlook remains cautiously bullish. Traders should eye a high-volume break past $0.52 to target $0.70.