RSI (Relative Strength Index): RSI indicates a neutral momentum, fluctuating around 45-50. It’s not overbought or oversold, suggesting that price could move either way based on market sentiment.
MACD (Moving Average Convergence Divergence): MACD is showing a slight bullish crossover, signaling a potential uptrend if momentum builds.
Volume: Trading volume remains stable with a slight increase in VELODROME trades, indicating moderate interest and potential for movement.
Trade Signal:
Entry Point: Consider entering around $0.2400, as the price is consolidating near this level.
Target Levels (T1, T2, T3):
1. T1: $0.2490 – This is a minor resistance level where the price may see some pullback.
2. T2: $0.2596 – Recent high; strong resistance area where price could stall.
3. T3: $0.2650 – Next key resistance zone. If the price breaks above, there could be further upside.
Stop Loss: Place a stop loss just below $0.2300, near recent support, to limit losses if the price moves against the trade.
Trade Momentum:
The momentum is currently neutral, with potential for a bullish breakout above $0.2450. If VELODROME maintains volume and crosses above the resistance at $0.2490, the upward movement is likely to continue toward the next targets. However, if price breaks below $0.2360, the trend could shift bearish, and it may be prudent to exit or reassess.
Recommendation:
Buy at $0.2400 with targets at $0.2490, $0.2596, and $0.2650.
$VELODROME is one of those markets where everyone tries to make a quick buck, but ends up loosing. After the initial pump, it's been going down steadily. I entered at 0.290 very early, and I've excepted that there's a very high chance of it not returning to 0.290 any time soon.