VELO Price Primed for Takeoff: Velodrome Token Defies Whale Dumping to Chart Bullish Trajectory
Whales are cashing out—but VELO's tech stack just won't quit. The Velodrome token shrugs off sell pressure as its DeFi mechanics kick into high gear.
Why the resilience? Layer-2 arbitrage traders are swarming Velodrome's liquidity pools like sharks in chummed water. Meanwhile, retail FOMO builds as the protocol's TVL flirts with nine figures—proving once again that crypto's 'smart money' often misses the real plays.
Technical indicators scream accumulation: VELO's price action coils tighter than a spring, with the RSI teasing breakout territory. Forget the 'whale watching' circus—this is where decentralized finance gets interesting.
One cynical footnote: If history repeats, today's panic sellers will be tomorrow's over-leveraged buyers chasing the pump. The wheel keeps turning.
VELO price technical analysis
The daily chart shows that Velodrome Finance’s token bounced back this month, climbing from a low of $0.01160 to its highest level since March.
VELO broke above a key resistance level at $0.01575, its May 10 high and the neckline of a double-bottom pattern. It also moved above the 50-day and 100-day Exponential Moving Averages, signaling bullish momentum.
VELO’s Average Directional Index has climbed to 20 and is trending upward, indicating sustained momentum. The Relative Strength Index is approaching the overbought threshold at 70.
Given this setup, VELO will likely continue rising as bulls target the 50% Fibonacci retracement level at $0.02372, approximately 36% above current levels. A drop below the $0.015 support WOULD invalidate the bullish outlook.
