- VELVET price rose by 5.1% in 24 hours, still trending above its support level at $0.06291.
- A break above the down trendline solidifies short-term market structure on the 4-hour chart.
- Resistance at $0.07147 is the following cap, constraining further upside within the current trading range.
VELVET recently showed a breakout pattern after establishing stability above its level of support. The token is at $0.06639, representing a 5.1% value appreciation within the last 24 hours. This comes after the price maintained its ability to hold above its key support level at $0.06291, which has held firm regardless of the recent tension. With price action now trending towards resistance, the market is eagerly waiting to see if VELVET will be able to sustain its action within the outlined range.
Breakout Formation Strengthens Market Structure
The recent breakout occurred after Velvet tested its descending trendline multiple times. Price action eventually moved above this barrier, forming a bullish market structure break on the 4-hour chart. This level, now confirmed, has placed short-term focus on higher resistance.
Importantly, the $0.06291 support remains intact, providing the base for continued stability. The ability of this zone to absorb repeated selling activity has given buyers renewed momentum within the current structure.
Resistance Levels Define Next Price Test
Velvet now faces immediate resistance at $0.07147. This barrier has repeatedly capped advances in previous sessions, preventing further upside moves. The token’s current 24-hour range reflects trading between $0.06291 support and $0.07147 resistance.
As long as price holds above support, the likelihood of retesting resistance remains present. The range remains narrow, yet the breakout above the trendline indicates higher activity levels are developing in the short term.
Volume Activity Supports Short-Term Outlook
Price has also registered a 3.3% gain against Bitcoin at 0.066024 BTC. This reflects strength across trading pairs, suggesting broader engagement at current levels. Notably, the demand zone has absorbed heavy activity without breaking down, underlining resilience across different sessions.
Volume remains steady, allowing price to remain supported as traders react to recent breakout signals. With support confirmed and resistance close, Velvet continues to trade within levels that could define its immediate path.
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