š$VELODROME / Navigating the Market with Precision!ā
The 4-hour chart for VELODROME/USDT on Binance shows a clear downtrend over the past few days, with the price currently consolidating around $0.1332. After a steep decline from the $0.19 level, the market appears to be stabilizing with smaller candlesticks indicating reduced volatility.
š Key Observations:
The price has faced consistent selling pressure, as seen from the dominance of red candlesticks.A potential support zone may be forming near the $0.13 level.Short-term traders might watch for a breakout above $0.14 for potential recovery, or a breakdown below $0.13 for further downside.
š Strategies to Consider:
Risk-tolerant traders may explore short-term scalping opportunities, keeping an eye on volume and momentum indicators.Long-term holders could evaluate this level for accumulation, but caution is advised given the bearish momentum.
š” Always conduct your own research and manage risks effectively before trading. Let us know your thoughts on $VELODROME E's price action in the comments below!
