VELVET SLIPS THROUGH KEY SUPPORT ๐โ ๏ธ
$VELVET breached the $0.11393 resistance block early in the session, flipping the zone into supply and triggering a cascade of sell orders. Volume spiked to $12.64โฏM while the momentum histogram dove into deep negative territory, confirming that institutional short pressure is overwhelming the lingering bullish influx in the altโcoin arena ๐. The price retreated below the $0.10635 midโrange and now sits just above the $0.09869 support line, eroding the last defensive order block and suggesting the move is more than a routine pullback โ ๏ธ.
Given the proximity to the $0.09869 floor, each tick below could unlock deeper liquidity pockets that have been accumulating since the prior rally. The current structure lacks a higherโtime bullish swing, implying the decline may be a structural breakdown rather than a healthy correction. If buyers can stabilize near the support, the $0.10010 price could test the $0.10635 median again, but a decisive break would likely open the path toward the next low around $0.09400 ๐ป
Levels to monitor:
Watching support around $0.09870
Structure suggests resistance near $0.10635
Mid range area: $0.10010
DYOR
Follow for Updates
#VELVET #GENERAL_ALTCOIN #CryptoTrending #BinanceSquare
$VELVET breached the $0.11393 resistance block early in the session, flipping the zone into supply and triggering a cascade of sell orders. Volume spiked to $12.64โฏM while the momentum histogram dove into deep negative territory, confirming that institutional short pressure is overwhelming the lingering bullish influx in the altโcoin arena ๐. The price retreated below the $0.10635 midโrange and now sits just above the $0.09869 support line, eroding the last defensive order block and suggesting the move is more than a routine pullback โ ๏ธ.
Given the proximity to the $0.09869 floor, each tick below could unlock deeper liquidity pockets that have been accumulating since the prior rally. The current structure lacks a higherโtime bullish swing, implying the decline may be a structural breakdown rather than a healthy correction. If buyers can stabilize near the support, the $0.10010 price could test the $0.10635 median again, but a decisive break would likely open the path toward the next low around $0.09400 ๐ป
Levels to monitor:
Watching support around $0.09870
Structure suggests resistance near $0.10635
Mid range area: $0.10010
DYOR
Follow for Updates
#VELVET #GENERAL_ALTCOIN #CryptoTrending #BinanceSquare