⚡$VELVET !! Dead Cat Bounce or More Pain Ahead?
#VELVETUSDT just suffered a brutal sell-off after losing its long-term ascending trendline, wiping out weeks of bullish momentum in a single move. The price is now sitting on a key demand zone around $0.85-$0.95, where buyers are trying to defend the market, but the recovery remains weak. The breakdown suggests that many late longs were trapped and liquidity was aggressively taken from both sides.
If this support zone holds, #VELVET could see a short-term relief bounce toward the $1.10-$1.30 region. However, if sellers regain control and the current demand area fails, the next major support sits much lower, opening the door for another sharp decline. Right now, bears have the advantage and traders should watch for confirmation before expecting a trend reversal.
Trade from here before DYOR 👇
