• VELO’s MACD just turned bullish on the 4H chart, suggesting a potential shift in short-term price momentum.
• Weekly charts show strong macro support, with higher lows forming since late 2022 and multiple confirmed bounce zones.
• Despite short-term weakness, historical resistance zones point to a long-term breakout possibility toward $0.07 and beyond.

VELO (Velo) is trading around $0.0147, showing signs of a breakout as momentum improves. Technical indicators are flipping bullish while the price structure holds steady above critical support zones.

Technical analyst Javon Marks shared a bullish outlook on VELO, pointing out its resilient macro chart. He emphasized how price continues to follow an ascending trendline formed from late 2022 lows. This same trendline supported two major rallies: a 13x pump in early 2023 and a 15x move in 2024.

Marks highlights how VELO is now retesting that same trendline zone again. A bounce from here could signal the start of a third leg upward. His tweet suggests this may be a generational level to watch, especially with symmetrical price compression building under long-standing resistance.

Bullish Structure Still Intact Despite Short-Term Weakness

According to Solberg Invest, VELO’s weekly chart on KUCOIN outlines a strong macro structure. The asset has held above an ascending green trendline since late 2022. This uptrend has supported two notable rallies in 2023 and in 2024. The price remains within the channel, with the most recent dip landing on a marked “Buy” zone.

Historical resistance levels from past cycles$0.07, $0.29, and $0.67remain key future targets. An orange projection on the chart shows potential movement toward these zones, should momentum continue rising.

Momentum Indicators Flash Early Recovery Signs

Data sourced from CryptoRank shows VELO trading between $0.014 and $0.015 on Bybit as of August 3. The MACD indicator has recently crossed bullishly. The histogram is narrowing, indicating reduced selling pressure.

RSI also supports the shift. It now sits at 44.89 after a bounce from recent lows. Though still below 50, it shows buyers are gradually regaining control. These technicals suggest the recent correction may be nearing exhaustion.