VELO Hits Major Buy Zone
VELOUSD just re-entered a major buy zone in its volume profile after handily bouncing off significant support. This level has shown impressive trading activity from buyers in the past and may again generate strong interest in the token. This can be a bullish signal, suggesting that the price could continue to rise as buyers step in to take advantage of the perceived value at this level.
Given that the current price of VELOUSD is $0.098, if the buy zone holds, the price could potentially move higher. Traders might look for the next resistance level at around $0.12 for some profit taking, depending on market conditions and overall sentiment.
However, it's important to keep an eye on other technical indicators and market news, as these can influence price movements. Always consider setting stop-loss orders to manage risk effectively.
Given that the current price of VELOUSD is $0.098, if the buy zone holds, the price could potentially move higher. Traders might look for the next resistance level at around $0.12 for some profit taking, depending on market conditions and overall sentiment.
However, it's important to keep an eye on other technical indicators and market news, as these can influence price movements. Always consider setting stop-loss orders to manage risk effectively.
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