VELO Price at a Crossroad After 38% Decline – Bullish Signs Emerge

Key Takeaways

• VELO recovered over 1,300% after its December 2022 low.
• The 0.618 Fibonacci level acts as a critical pivot point.
• Potential bullish scenarios could lead to $0.030 revisits.

VELO has experienced significant price fluctuations since reaching its all-time high in November 2020. After enduring a bear market and hitting an all-time low in December 2022, the token saw a remarkable recovery, establishing key support and resistance levels.

This analysis explores VELO’s recent price movements, potential bullish scenarios, and critical Fibonacci levels that may influence its future trajectory.

VELO Price Analysis 

The price of VELO peaked at an all-time high in November 2020 but has since entered a bear market. In December 2022, it hit an all-time low near $0.001. Following that, VELO experienced a remarkable recovery of over 1,300%, reaching a high of $0.014 by the end of February 2023. It then retraced to establish its first macro higher low at $0.0017 in August 2023. 

This price point was significant, signaling a potential transition to a bullish phase. VELO began its next uptrend, achieving a higher high of nearly $0.03 on May 10, 2024.

However, shortly after this peak, the price began to decline again. 

A 75% decline followed, with VELO falling to a low of $0.0072 on July 8. After a bounce, another retest was made, forming a double bottom.

On its next runup, VELO reached a high of $0.020 on Sept. 25, recovering by 176%. 

This was still a lower high compared to May and a 38% downturn. A low of $0.012 followed it at the 0.618 Fibonacci retracement level. Positive signs were seen, and two likely outcomes were ahead.

VELO Price Prediction 

The 0.618 Fib level serves as a pivot point between these scenarios If the price continues to move lower, a bearish one will be primary, while a stronger momentum ascending will likely mean VELO is headed to its yearly high area. 

Its previous downtrend from May 10 developed a five-wave pattern, which isn’t enough to call the end of a correction stage.

Consequently, its subsequent rise moved in a three-wave manner and could be a B wave of the higher-degree ABC correction. 

That would mean its latest decline is the developing C wave, which should exceed its prior low and potentially lead VELO to a $0.0020 area. 

The price is upward, spiking by 14%, presenting a bullish option. Its last rise from July 8 could be a five-wave impulse with one more advancement to the upside.

In that case, VELO could revisit its yearly high at $0.030. 

The 0.618 Fib level serves as a pivot point because, according to Elliott Wave theory, the price cannot enter the territory of wave 1 on wave 4, so if it does, the bullish scenario will get invalidated. 

Read more: Velo Price Prediction 2024: VELO Price Analysis