🚀 $VELO (VELO/USDT) - Trade Setup & Analysis 📉 Elliott Wave Structure: A clear impulsive move down has completed, followed by a short corrective consolidation. Price is currently stabilizing after a sharp sell-off, suggesting a potential base formation before the next directional move. 📊 Key Levels to Watch: Resistance: 0.00605, 0.00615, 0.00627 📈 Breakout Targets: 0.00640 → 0.00680 → 0.00720 Support: 0.00595, 0.00580, 0.00560 📊 RSI at ~68 → Cooling After Bounce RSI has rebounded from oversold conditions and is now cooling, indicating a possible short consolidation before continuation or rejection. 📈 Bullish Scenario (Relief Rally & Trend Shift?) If price holds above 0.00595 and reclaims 0.00615 with volume 🎯 Bullish Targets: 0.00640 → 0.00680 → 0.00720 ❌ Invalidation: Close below 0.00580 📉 Bearish Scenario (Continuation Lower?) If price fails to reclaim 0.00605 and loses 0.00595 support 🎯 Bearish Targets: 0.00580 → 0.00560 🔹 Stop-loss for shorts: Above 0.00627 📍 Next Steps: Watch price behavior around the 0.00595–0.00605 range. Holding this zone favors a relief bounce, while rejection signals continuation of the broader downtrend. 📊 Will $VELO build a base and bounce, or roll over for another leg down? Let’s see how it plays out! 🚀🔥 #VELO #CryptoTrading #Altcoins #TechnicalAnalysis #ElliottWave #CryptoSetup #ChartAnalysis #TradingSignals