- VELO shows strong bullish structure with higher lows, triple bottom, and momentum indicators signaling a potential breakout rally.
- Chart patterns suggest VELO could surge over 13,600% as it nears the end of a two-year consolidation supported by strong accumulation.
- A breakout above mid-2024 resistance may launch VELO toward $1.80 and potentially test the $3.40 multi-year resistance level.
VELO, a low-cap altcoin, is flashing major bullish signals as its price structure tightens near key support levels. After years of compression, the asset now trades within the final stages of a prolonged consolidation phase. The price action indicates growing momentum, with analysts forecasting a potential rally toward $1.80. If this breakout confirms, it could represent a more than 13,600% gain from current levels.
The asset’s historical pattern reflects a massive descending trend from its 2021 peak. However, the structure began shifting in mid-2024 when VELO broke above a long-term resistance trendline. Since then, the price has formed a consistent series of higher highs and higher lows. This trend hints at a growing bullish sentiment among long-term holders. Besides, a triple bottom now appears to be forming near a strong horizontal support, reinforcing the likelihood of a continued uptrend.
Bullish Structure Aligns With Oscillator Momentum
The price remains above a key support zone highlighted by previous local lows. Two black arrows on the chart confirm this horizontal line, suggesting buyers are actively defending the level. Moreover, a red trendline beneath the price further validates this support. Such structure is often a precursor to explosive moves.
Source: Javon Marks
Additionally, an RSI-like oscillator below the price mirrors this bullish setup. The indicator shows multiple rounded bottoms aligning with market reversals. Consequently, the latest retest of its own horizontal support strengthens the bullish narrative. This symmetry in price and momentum often marks the start of macro-level moves.
Upward Targets Point to Multi-Year Resistance
Upward projections target the $3.40 level, a resistance zone from previous cycles. A curved arrow points toward this range, suggesting it could be a magnet for price. However, before reaching that level, VELO must first break above near-term resistance levels formed after the mid-2024 rally.
Hence, if bulls maintain support and volume increases, VELO could enter a rapid markup phase. The breakout may initiate a parabolic run, pushing prices toward and possibly beyond $1.80. Moreover, current compression signals growing tension in the market.
