$VELVET is starting to look interesting again.
After bouncing from the recent lows, I'm seeing buyers step back in and reclaim the $0.52 level.
That's a good sign, and as long as $0.47 continues to hold as support, I think the short-term trend stays in the bulls' favor.
The next area I'm watching is $0.56–$0.59.
If you see a strong breakout and close above that zone, I think it could open the door for another solid push higher.
If price gets rejected there, though, don't be surprised by a healthy pullback before buyers make another attempt.
Right now, I think the bulls still have the edge.
The latest bounce tells me momentum is gradually building, and this is one chart I'll be watching closely.
After bouncing from the recent lows, I'm seeing buyers step back in and reclaim the $0.52 level.
That's a good sign, and as long as $0.47 continues to hold as support, I think the short-term trend stays in the bulls' favor.
The next area I'm watching is $0.56–$0.59.
If you see a strong breakout and close above that zone, I think it could open the door for another solid push higher.
If price gets rejected there, though, don't be surprised by a healthy pullback before buyers make another attempt.
Right now, I think the bulls still have the edge.
The latest bounce tells me momentum is gradually building, and this is one chart I'll be watching closely.