- VELO shows higher lows, indicating potential for a recovery despite recent setbacks and market pullback.
- The RSI has shown lower lows, signaling weakening momentum, but a reversal is expected as support levels approach.
- VELO’s chart setup points to a potential 170% upside, offering a significant price move toward the $0.0389 level.
The price movement of VELO over the past 48 hours has garnered attention from traders and analysts alike. Recent price behavior reveals a technical setup that suggests the possibility of a substantial recovery. Although the asset experienced a pullback, a closer look at the chart indicates a potentially bullish outlook moving forward.
Price Trends and Momentum Analysis
VELO created new lower price points that indicate possible recovery despite its recent market reversals. The relative strength index (RSI) momentum indicator reveals a decline in its lower value points.
According to Javon Marks’s analysis, VELO price shows a decline, reaching a lower point along a trendline. A potential reversal is indicated, with a rising move projected as the price approaches the lower trendline (UL). This pattern suggests that the market may experience upward momentum after hitting support levels.
This divergence between price and momentum points to a potential strength in the market, even as the RSI indicates weakening momentum. Such a technical scenario often signals a shift in trend, where a rally higher could be expected.
Potential for Significant Upside Move
From a purely technical perspective, VELO’s current chart setup points to a potential upside of at least 170%, bringing the price back to the $0.0389 level. This price point represents a significant move from the current market levels, offering a potential target for those tracking VELO’s movements.
However, this may be the beginning of a broader recovery, suggesting further upside could be on the horizon depending on broader market conditions and continued price momentum. With higher lows in place and a possible recovery from the RSI’s lower lows, the possibility for $VELO to make a significant move remains high.
