$VELVET Facing Rejection Again .. Bulls Need Fresh Strength
VELVET delivered a massive rally from the 0.28 area and surged all the way to 1.92, generating huge gains for early buyers. However, after reaching the top resistance zone, the market entered a retest and correction phase.
Once again, price is facing rejection near the highs, showing that sellers are defending the resistance area aggressively. The inability to reclaim 1.92 keeps the correction structure active in the short term.
Support Zone: 1.45 – 1.55
Resistance Zone: 1.90 – 1.92
As long as VELVET remains below the recent high, further consolidation and volatility can continue. Bulls need a strong breakout above resistance to restart the next leg higher.
Momentum has slowed after the explosive rally .. once again facing rejection at the top while the market searches for direction.
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