$VELVET is trading around 0.3891 after a small short liquidation (~$1.28K), showing a minor squeeze of shorts on a local upside push rather than any confirmed breakout.

Price structure is still range-bound but leaning slightly bullish in the short term. The move suggests buyers defending the 0.385–0.386 zone, while resistance sits around 0.395–0.400 where price has repeatedly struggled.

Liquidity above 0.400 is still untested in this push, so there’s room for continuation if momentum holds. However, failure to stay above 0.386 would likely rotate price back into the mid-range.

I’m watching a long continuation setup:

LONG

EP: 0.3891

TP: 0.396 / 0.402

SL: 0.3835

Bias stays mildly bullish while price holds above 0.386. A breakdown below 0.3835 would invalidate this and shift structure back into downside rotation.

Short-term edge favors upside continuation after the short liquidation squeeze.

Let's go $VELVET