VELO Plunges After Losing Key Support

VELO is facing a significant downturn, following a steep price rally that saw it surge over 4000% last year. The token is now struggling below key moving averages as sellers continue to exert pressure. Analysts suggest the decline is due to a loss of critical support, though traders are cautiously monitoring for potential buying opportunities around the 0.008-0.007 range. Despite this week’s sharp drop of 14%, trading activity remains relatively steady, with moderate volume indicating some resilience.