VELO coin rose by 1.97% on Wednesday to trade at $0.021, sustaining an uptrend that started 10 days ago. Velo, which is on a mission to bridge the gap between traditional finance and the crypto industry, has gained 15% in the last week and is up by 119% in the last month.
Running on the Velo Protocol, VELO is built to support efficient cross-border transactions at lightning-fast speeds and at low transaction cost. Furthermore, it is backed by a host of fiat currencies, making it a stablecoin, and thereby enabling it to minimize volatility. VELO’s issuer, Velo Labs, issues digital credits backed by collateral, with a smart contract layer built on Stellar Consensus Protocol. The coin has seen an upsurge in investor interest, with many analysts predicting price surges in multiples of 10.
As of this writing, VELO’s trading volume in the last 24hours is up by 76%, signaling that another massive price rally could be in the offing. The coin is listed on multiple exchanges also gives it a wide exposure, making it available to tens of millions of investors. Some of the platforms where VELO is listed include Bitget, Bybit, OKX, Blofin, and Gate.io.
The crypto market is currently in a lull despite the fact that the Bitcoin halving event happened less than a week ago. Nonetheless, many investors still expect a market rally in the coming weeks, based on the patterns seen after previous halvings. This could provide an opportunity for nascent crypto assets like VELO to rise up to new highs.
Technical analysis
VELO is currently on an upward momentum, with the RSI signaling control by the buyers, with the pivot at 0.0204. If the buyers stay in control, they are likely to push above the next resistance at 0.0218. Furthermore, a continuation of the momentum could see movement further up to break 0.0230. On the other hand, a move below 0.0204 will favour the sellers to move to the support at 0.0193. A continuation of the bearish control could break the support and potentially move the price to 0.0183, thus invalidating the upward view.
