Very briefly, from the chart it appears that the VELVET trend is still bullish in the short term, but it has started entering a period of consolidation and oscillation after the strong rise.
๐น Important support: 1.33 - 1.35
๐น Nearby resistance: 1.42 then 1.50
๐น A break above 1.50 could push the price toward 1.60+
๐น Breaking down below 1.33 could send the price back to 1.25 - 1.20
Summary: The current trend is neutral with a slight bullish bias as long as the price is above 1.33, but momentum has started to slow after a very strong move up. Therefore, the possibility of choppiness or a minor correction is likely before any new upward wave.
#VELVETUSD
$VELVET
๐น Important support: 1.33 - 1.35
๐น Nearby resistance: 1.42 then 1.50
๐น A break above 1.50 could push the price toward 1.60+
๐น Breaking down below 1.33 could send the price back to 1.25 - 1.20
Summary: The current trend is neutral with a slight bullish bias as long as the price is above 1.33, but momentum has started to slow after a very strong move up. Therefore, the possibility of choppiness or a minor correction is likely before any new upward wave.
#VELVETUSD
$VELVET