Now that the entire crypto market is correcting, it is a good time to look at buying opportunities for various altcoins. In this article we will discuss one of these opportunities.

VELO offers opportunities

VELO is a cryptocurrency and blockchain platform designed to optimize cross-border payments and financial services. The network focuses on creating an efficient and reliable infrastructure for international payments, using decentralized technology. This makes it possible to carry out financial transactions faster, cheaper and more securely. VELO works with major financial institutions and has built a solid reputation within the crypto community, contributing to the positive sentiment surrounding the coin.

Current state of affairs

Currently, VELO is at two critical supports that are typically held during a bull market:

  1. De Bullmarket Support Band
  2. The EMA5 on the Monthly Chart

These supports have historically proven to be powerful points of support for various cryptocurrencies during bull markets. Let’s take a closer look at these two supports and give some examples of other coins that have experienced similar situations.

Bullmarket support band

The bull market support band is a dynamic support level that often acts as a resilient bottom during bull markets. Maintaining this band is crucial for the bullish trend to continue. VELO is currently sitting at this support band, indicating that the coin may be preparing for an upward move.

Examples from the past:

  • Example 1: Bitcoin (BTC)
    • In previous bull markets, Bitcoin has tested the bull market support band several times. Each successful test was followed by a strong price increase, confirming the strength of this support.
  • Example 2: Ethereum (ETH)
    • Ethereum has tested the bull market support band during several cycles. The successful tests often led to new all-time highs, making this band a reliable indicator of future price increases.

EMA5 on the monthly chart

The EMA5 (Exponential Moving Average) on the monthly chart is a short-term average that often acts as dynamic support during bull markets. Holding this EMA is a strong bullish signal as it indicates that the market is still in an uptrend.

Examples from the past:

  • Example 1: Bitcoin (BTC)
    • Bitcoin has found support at the EMA5 of the monthly chart several times during its bull market. Every time the price tested and held this EMA, a significant price increase followed.
  • Example 2: Cardano (ADA)
    • Cardano has also shown similar patterns with the EMA5 on the monthly chart serving as strong support, followed by substantial price increases.

Sentiment About VELO

The sentiment around VELO is currently very positive. The community and investors are confident in the coin’s future, thanks in part to strong partnerships and growing adoption of the technology. This positive sentiment can provide an additional boost to price movements once the market successfully tests and holds the current supports.

Conclusion

Based on current technical analysis and historical comparisons, VELO appears to be in a promising position. The coin sits at two critical supports that are typically held during bull markets: the bull market support band and the EMA5 on the monthly chart. These supports have proven in the past to be powerful springboards for substantial price increases.

It is a crucial time to keep a close eye on VELO. If current supports hold, we can expect a strong bounce, making this an excellent entry point for investors.

Disclaimer: The analyzes above are based on technical patterns and trends in the crypto market. It is critical to emphasize that this information is not intended as financial advice. Cryptocurrency investments inherently involve risk and are subject to volatility. Before making investment decisions, it is recommended to do your own research, seek financial advice and only invest what you can afford to lose.

Source: https://cryptobenelux.com/2024/06/12/deze-altcoin-laat-positieve-signalen-zien/



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