Lokesh Gupta
13-12-2024
Velodrome Finance (VELO) has shown significant upward momentum, bouncing off its 20-day moving average and surpassing key Fibonacci retracement levels. Following Binance's announcement to list VELO on its spot market, the token’s price surged by 195%.
On December 13, Binance confirmed plans to list Velodrome Finance—an innovative decentralized exchange (DEX) on the Superchain. The VELODROME/USDT trading pair will start trading at 14:00 UTC, with withdrawals available from December 14. This strategic move is expected to boost liquidity, enhance market visibility, and drive Velodrome Finance’s growth in the DeFi landscape.
Currently, VELO trades around $0.34, reflecting a 370% monthly gain and a 650% increase since the start of the year. This performance indicates strong investor confidence, with a market capitalization of $292 million and a 24-hour trading volume of $189 million. The surge highlights growing trust in Velodrome Finance’s utility and ecosystem.
- Fibonacci Levels: Price broke through 0.618 Fib ($0.26) and 0.78 Fib ($0.31) levels, heading toward the $0.38-$0.40 range.
- Momentum Indicators: RSI is overbought (above 80), suggesting strong bullish momentum but potential for a short-term pullback.
- Moving Averages & Support: Price is above short and medium-term moving averages. Initial support at $0.26; clustered moving averages at $0.14-$0.20 range.
- Volume & Price Structure: Breakout accompanied by increased volume, indicating strong buyer interest.
- Bullish Continuation: If buyers remain in control, price could target $0.38-$0.40 and potentially reach $0.50.
- Healthy Pullback: A pullback to $0.26-$0.31 would allow momentum reset and potential for a sustainable uptrend.
- Breakdown Scenario: If price falls below $0.26, a deeper correction to the $0.14-$0.20 range is possible.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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