VELO is moving in a positive price trajectory despite the cautious optimism in the crypto market. According to CoinMarketCap, the VELO price has surged by 1.61% over the last 24 hours and 6.97% over the last week.
At the time of writing, VELO is trading at $0.003306, with a trading volume of $1.44 million, which has declined by 3.08% over the last 24 hours. However, its market capitalization stands at $58.07 million, which has surged by 1.66%.
Source: CoinMarketCap
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VELO Breakout Structure Points to $1.65 Target
Furthermore, the crypto analyst Javon Marks emphasized that VELO continues to hold its long-term breakout structure that began in 2023, maintaining a broad consolidation phase without invalidating its bullish setup.
Market observers note that this prolonged range may represent accumulation before a potential expansion. The technical outlook remains intact, with traders watching for signs of renewed momentum building within the structure.
Source: Javon Marks’ X Post
From historical projection models, it appears that there is a speculative objective price target of $1.6534 in the long term, based on which a huge upside movement would occur in case the bullish trend develops in its entirety.
It seems like a massive jump, often referred to as a jump of 444 times. But all such forecasts remain theoretical in nature.
Technical Outlook Points to a Recovery Phase
According to TradingView, the price of VELO is recovering, having bottomed out at $0.00308. It has increased to $0.00333, and its price line has gone above the 20, 50, and 100 SMAs.
However, the 200 SMA, currently at $0.00343, remains a crucial resistance line. This growth is seen after a sharp fall from the peak in the middle of April.
Source: TradingView
The Relative Strength Index stands at 59.12, indicating that it is in a healthy uptrend without crossing into dangerous territory.
The token still has room to rise before reaching the upper resistance line in red. The price may fall back down for another attempt to breach support below the $0.00321 and $0.00316 levels if it fails to break above $0.00343.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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