📊 $VELVET Update
The chart still looks strongly bearish. Price has crashed over 60%, remains below all major EMAs, and sellers are clearly in control. The recent exchange inflows and declining Open Interest only add to the bearish outlook.
My approach:
❌ Don't rush into a long.
⏳ Wait for the price to stabilize and confirm a reversal.
👀 Watch the $0.55 support closely. If it breaks, more downside is possible.
📈 Only consider buying after a clear recovery with strong volume.
Bottom line: Patience is the best trade here. Let the market show strength before jumping in. 🚨
The chart still looks strongly bearish. Price has crashed over 60%, remains below all major EMAs, and sellers are clearly in control. The recent exchange inflows and declining Open Interest only add to the bearish outlook.
My approach:
❌ Don't rush into a long.
⏳ Wait for the price to stabilize and confirm a reversal.
👀 Watch the $0.55 support closely. If it breaks, more downside is possible.
📈 Only consider buying after a clear recovery with strong volume.
Bottom line: Patience is the best trade here. Let the market show strength before jumping in. 🚨
