Currently, $VELODROME is trading at 0.0433 USDT, positioned near its support level of 0.0427 USDT.
The market structure appears bearish, as the RSI of 38.53 indicates potential oversold conditions.
A breakout strategy could be effective if the price surpasses the resistance level at 0.0451 USDT.
However, traders should remain cautious of Bitcoin's volatility and macroeconomic indicators that could impact market sentiment.
