VELO's recent uptrend was frustrated by the "sell the news" event: What happened?

Recently, VELO

Market reaction

Although Velo Labs' announcement is intended to enhance the utility and appeal of the stablecoin, the market reaction tends to sell off the previous price increase. After the announcement, VELO's price fell sharply from the intraday high of $0.0193 to $0.01436, where it settled.

Technical Analysis

According to TradingView data, VELO's price has fallen below the key support level of $0.0155 and is currently consolidating around $0.0143. The relative strength index (RSI) shows that VELO is at

Outlook

If VELO can close at $0.015 on a daily basis, it may resume its uptrend. However, the $0.02 resistance level remains a challenge. If the price falls further below the current support level, it may test the stronger support level of $0.011

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