Velo is approaching a critical breakout.
After a recent break out of a double bottom pattern on the weekly chart, Velo has now successfully retested the neckline as confirmation (as seen in the wick touching the yellow line).
Velo is currently challenging the final resistance zone between $0.018 and $0.020. A clean break above $0.020 would open up the path toward the $0.040 level with relatively little overhead resistance.
Having gone through an extremely deep bear market, Velo still holds significant upside potential. This is clearly visible at the major resistance it’s been testing since early 2023 (marked by the red line), which has now been tested three times.
Should Velo break above this structure, we could begin targeting much higher levels since there is little resistance after, such as the 0.786 Fibonacci retracement level ($1.50), or even the previous ATH near $2.00. That said, these remain speculative until a confirmed breakout occurs above the current major resistance.
For now, I’ll be taking partial profits around $0.04, as it represents a key technical level and a logical area for a pause or rejection.
Let’s reach the summit together!
📝 Note
I'm currently building a portfolio of crypto analyses here on TradingView. Your feedback, tips, or validation are greatly appreciated, especially as I continue developing this skill further!
After a recent break out of a double bottom pattern on the weekly chart, Velo has now successfully retested the neckline as confirmation (as seen in the wick touching the yellow line).
Velo is currently challenging the final resistance zone between $0.018 and $0.020. A clean break above $0.020 would open up the path toward the $0.040 level with relatively little overhead resistance.
Having gone through an extremely deep bear market, Velo still holds significant upside potential. This is clearly visible at the major resistance it’s been testing since early 2023 (marked by the red line), which has now been tested three times.
Should Velo break above this structure, we could begin targeting much higher levels since there is little resistance after, such as the 0.786 Fibonacci retracement level ($1.50), or even the previous ATH near $2.00. That said, these remain speculative until a confirmed breakout occurs above the current major resistance.
For now, I’ll be taking partial profits around $0.04, as it represents a key technical level and a logical area for a pause or rejection.
Let’s reach the summit together!
📝 Note
I'm currently building a portfolio of crypto analyses here on TradingView. Your feedback, tips, or validation are greatly appreciated, especially as I continue developing this skill further!
Trade active
NOTE: apologies! I forgot that I left the Fib. retracement on at the Logarithmic version of the chart.
the 0.786 Fib. level of $1.50 is correct though, unfortunately I can't update this post with a new chart.
so forget the second screenshot analyses, it's just to give an idea of price structure with a clear view of the resistance (red line)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.