Key Takeaways:
- VELO coin is up 70% from Aug. 19.
- The token could experience another leg up despite correction.
- The upcoming release of the mobile app and a new partnership could have triggered a rally.
YEREVAN (CoinChapter.com) — The price of Velo Protocol (VELO), a “federated credit exchange network,” jumped 13% to $0.0032 on Sep. 5. Its gains appeared as a part of a long-term rally, wherein the VELO price has risen 70% from its local low of $0.0017 on Aug. 18.
VELO Coin Technical Analysis
If another leg up follows, VELO’s upside target will shift to the $0.0034-0.0037 range. In other words, a 13-23% rally. The token’s MACD oscillator (histogram at the bottom) is bullish, which backs the upside expectations.
Additionally, the VELO chart above has printed a “golden cross,” with its 20-day exponential moving average (20-day EMA; the red wave in the chart above) trending above its 50-day EMA (orange wave). Technically, the 20-50 crossover indicates a short-term bullish sentiment in the market.
It is also worth mentioning that after the 70% increase, the VELO coin still traded nearly 99% below its all-time high of $1.9 in November 2020.
Velo Platform Goes Portable
According to the Velo team, the project is preparing to present a mobile version of its app. While the tweet did not specify any time frame for the release, the hype around it could still propel the VELO coin price.
Also, Velo boasted a partnership with data and research provider Xangle on Aug. 30, which could have contributed to the coin’s price increase.
Meanwhile, the hype over a fake Binance listing threw some investors off in May- July 2023. Several Velo shills posted news of an upcoming Binance listing without proof or confirmation. While the tweets below didn’t claim a listing has occurred, they did raise discussion around the coin, which could have been the main goal.
Notably, the Binance exchange has not announced any plans to list Velo as of early September.
