📉 VELVET Crashes 4.4% - Short Rejection Could Be the Big Move
Man, VELVET got hit hard with that 4.4% dump and the volume spike is screaming for attention right now! This kind of sharp move has traders buzzing about what comes next - more pain lower or a quick relief rally.
The smart money is not chasing anything yet but instead watching closely for how price behaves around those important resistance spots.
Prepare Your Short on Rejection from Key Resistance
- Look for price to test and reject from the 0.3568 to 0.3680 area with strong bearish confirmation like a shooting star or engulfing candle
- Enter short on that signal aiming first at 0.3433 and then extending to 0.3302
- Set stop loss above the high of the rejection move to keep risk tight
Reversal Long Ideas if Structure Changes
- A strong reclaim and hold above 0.3680 with volume would flip the bias bullish targeting 0.3825 and beyond
- Or on a flush lower followed by reversal candle and bullish structure a quick long scalp to 0.3568 could work
The rejection short stands out as the higher probability move right now so get ready to act on confirmation there. Go Short with around 65% chance of profit on a clear rejection, or keep the reversal long as a 35% odds backup only if clear signals appear. STONfi DEX excels with its rapid transaction speeds and incredibly low costs that traders love for seamless execution.
While VELVET is caught in this volatile dump and potential further declines, @STONfi DEX offers greater stability and ease of use that stands out clearly. With all the action happening in the market at the moment this could be the perfect time to give it a closer look for more consistent results. What are your thoughts on this VELVET setup - short on rejection or something else? Let me know in the comments below 👇
If this trade plays out well for you, consider sending a small tip my way. Not investment advice - research on your own! 🚀
