- VELO could see an 81% surge, supported by solid market sentiment and whale accumulation.
Oversold RSI and narrowing Bollinger Bands suggested a potential price breakout for VELO.
As a seasoned analyst with over a decade of experience in traditional finance and cryptocurrency markets, I have learned to approach predictions with caution but always maintain an open mind. The bullish outlook for VELO certainly catches my attention, especially considering the strong market sentiment and whale accumulation.
VEOLO (VELO) has been garnering interest lately, as certain financial experts speculate that the token might experience substantial price increases in the near future.
According to crypto expert Javon Marks’ recent analysis on his former Twitter account, it is predicted that the value of VELO could potentially surge by up to 81%, reaching approximately $0.028876. This anticipated growth is attributed to favorable market conditions.
But does the data support this optimistic outlook?
Currently, a single VELO is being exchanged for approximately 0.01611 USD, representing an 8.94% surge in value over the past day. This uptick suggests growing enthusiasm and optimism about the token.
Furthermore, the token boasts a robust market capitalization of approximately $119 million, backed by substantial trading activity totaling around $21.69 million within the past day.
These figures indicated solid market interest, but does this translate into sustainable growth?
Is whale accumulation fueling VELO’s growth?
The actions of whales (large investors) have played a crucial role in triggering several positive trends in the crypto market. Analyzing on-chain data shows that there has been substantial buying by whales for VELO, as indicated by the total liquidations graph.
A combination of $5.6K worth of short trades and a rising number of $1.13K long positions hinted that big investors, possibly whales, had a strong belief in VELO‘s future price increase.
Additionally, despite recent liquidations, there has been no sharp drop in VELO’s price.
The consistent build-up suggests that whales are confidently amassing tokens, a move that typically indicates a belief in its prospective growth without triggering abrupt price fluctuations.
Can technical indicators support a breakout?
At the moment of reporting, the Relative Strength Index (RSI) stood at 28.35 for VELO, signifying that it’s overbought. This usually implies that selling momentum is diminishing and a potential reversal could be imminent as buyers start to enter the market, anticipating a shift in trend.
In line with Bollinger Bands analysis, VELO was close to the lower band ($0.01602) and the upper band was at $0.01644 as of press time. This narrow gap indicates low volatility, and typically when a price approaches the lower band, it may signal an impending price increase.
Based on these signs combined, it seems likely that VELO could recover soon. However, for continued growth, it’s crucial that it surpasses significant resistance thresholds.
What is the likely outcome?
Despite analyst predictions pointing towards a 81% rise, the technical arrangement appears to indicate a more conservative perspective instead.
Read Velo’s [VELO] Price Prediction 2024–2025
To make a substantial leap, VELO needs to conquer the existing hurdle at around $0.016 initially, followed by maintaining its upward trajectory.
In simpler terms, the overall feeling among investors, large investors buying more (whales), and situations where prices have fallen too low (oversold) suggest a possible quick increase. However, it’s crucial to wait for a confirmed breakthrough before anticipating a potential 81% surge in price.
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2024-09-14 07:03