📊Technical analysis $VELVET USDT — 15min/1h timeframe
Current price ≈ 0.07332 USDT -13.99% drop, sharp decline from ~0.088–0.089 highs, accelerating downside with red candles.
Price action & Bollinger Bands: Price near lower BB (UP ~0.09017, MB ~0.08217, DN ~0.07417). Bands expanded on down move, price hugging lower band — oversold extension, potential short-term bounce/consolidation.
Volumes: Current ~846K, MA(5) ~7.5M, MA(10) ~3.9M — volume spike on recent red candles (selling pressure), now elevated on downside. Watch for dry-up on dips or surge on green.
Key indicators:
• MACD: Strongly negative (DIF -0.00251, DEA -0.00129, MACD -0.00122), histogram bearish — momentum down.
• RSI(6/12/24): 2.83 / 12.22 / 25.85 — extremely oversold (RSI6 <5), exhaustion/bounce signal possible. Downtrend with extreme oversold conditions + lower BB hug suggest short-term bounce likely before next leg down.
🟢 Long (moderate-high risk) Entry: 0.0725–0.0735 (current or dip to DN) TP1: 0.077–0.079 TP2: 0.082–0.084 SL: 0.0705–0.0715 R/R: ~1:3+ Comment: Good if RSI bounce + volume on green. Extreme oversold favors reversal/scalp.
🔴 Short (moderate risk) Entry: 0.078–0.080 (fade at potential resistance) TP1: 0.073–0.072 TP2: 0.069–0.067 SL: 0.082+ R/R: ~1:3+ Comment: Strong if rejection at resistance + MACD down. Trend-aligned.
⚠️ Most likely scenario now Short-term bounce/consolidation from extreme oversold levels (RSI6 <5, RSI12 <15) towards MB (~0.082) or slightly higher. Then possible continuation lower if no strong volume reversal. Shorts have structural edge in downtrend; longs only on clear bounce signals. High vol — tight risk, watch RSI/volume closely.