Price action on $VELVET is tightening near resistance, but what stands out more is how buyers are still defending higher levels despite repeated rejections.
$VELVET /USDT (Perp) – SHORT
Trade Plan
Entry: $1.035 – $1.055
SL: $0.990
TP1: $1.098
TP2: $1.145
TP3: $1.205
Why This Setup?
4H Structure: VELVET is still holding above the key MA(7) support zone around $0.66814, showing that the broader structure has not broken down despite short-term volatility.
Price Positioning: Current price is consolidating below resistance at $1.09837, forming a compression zone that often leads to expansion once one side takes control.
RSI & Momentum: Momentum remains neutral-to-bullish on the 4H timeframe, with room for expansion if buyers manage a clean breakout above resistance.
Volume Behavior: Absorption is visible near dips, suggesting that sell pressure is being met with consistent buying interest rather than panic exits.
Daily Context: As long as the MA(7) base and broader support zone remain intact, the structure still favors continuation toward higher liquidity levels above $1.10.
If $1.098 breaks with volume, momentum traders are likely to accelerate the move toward the next upside targets.
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