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The Velodrome Finance price pumped over 14% in the last 24 hours to trade at $0.1065 as of 7:15 a.m. EST as investors rush to accumulate the altcoin.
Notable Politician Trade alert✍️
This time, it's crypo
Rep. Michael Collins (R) just disclosed buying $15K of a crypto coin called "Velodrome"
It has a market cap of only ~$150M pic.twitter.com/oWicS3s6Zv
— Nancy Pelosi Stock Tracker ♟ (@PelosiTracker_) June 17, 2024
This recent gain posted by the VELO price comes after US Congressman Mike Collins revealed that he purchased the token. He said that he bought VELO on May 15, when the crypto was trading at around $0.13. Collins also revealed that he purchased $15,000 worth of the token.
The Velodrome Finance Price Testing Critical Support
4-hour chart for VELO/USD (Source: GeckoTerminal)
The Velodrome Finance price was rejected by the $0.1250 resistance level over the past 24 hours. It has since printed a series of lower highs on the 4-hour chart, resulting in the formation of a negative trend line. VELO has also broken below the $0.1123 support and is currently testing the $0.1046 support.
If it closes a 4-hour candle below $0.1046, then VELO might be at risk of plunging to the subsequent support level at $0.0925 in the following 12 hours. However, maintaining a position above $0.1046 for the rest of today’s trading session might invalidate this bearish thesis. It could also place the Velodrome Finance price above the recently-formed descending trend line.
In this alternative scenario, the altcoin could start to climb towards the aforementioned $0.1123 mark. Enough buy pressure should it reach this point might lead to it flipping this threshold into support. This could then give it the technical foundation needed to continue climbing in the short term.
Traders might enter into a long position for the crypto. With this potential bullish pressure, VELO could try to break above $0.1245 before potentially rising to as high as $0.1377.
Technical Indicators Suggest The Velodrome Finance Price Might Drop In The Next 24 Hours
Technical indicators on VELO’s 4-hour chart warn that the Velodrome price might keep dropping in the upcoming 24 hours. Throughout the past couple of hours, the Relative Strength Index (RSI) value has decreased substantially. Although the RSI is still bullishly above 50, the negative slope and the recent decline could signal diminishing buyer strength.
If the RSI drops below 50, it could be an indication that sellers have gained the upper hand against buyers. As such, it might be easier for bears to pull the Velodrome price down in the next 24 hours than it will be for bulls to boost it, should sellers choose to capitalize on the advantage.
Meanwhile, the Moving Average Convergence Divergence (MACD) line is collapsing towards the MACD Signal line. Traders might see this as an early indication of VELO’s current bullish cycle coming to an end. An intersection between these two lines could also be a sign of the altcoin entering into a negative phase.
As VELO’s bullish momentum starts to cool off, investors continue to flock to the multi-chain meme coin Base Dawgz (DAWGZ).
Offering Token Holders Seamless Interoperability Across Multiple Blockchains
Although Base Dawgz calls the Layer-2 network Base its home, the project’s team plans on expanding the meme coin’s presence to several other networks.
These additional chains include some of the most active and liquid networks currently in the Web3 space, such as Solana, Ethereum, Avalanche and the Binance Smart Chain.
This will not only allow investors to shift value across networks with ease, it will also give them the ability to participate in high yield-generating DeFi opportunities regardless of which network they’re available on.
This is made possible by the powerful cross-chain technology backing Base Dawgz. At its core, the project enables investors to claim, store and trade on multiple networks due to Wormhole and Portal Bridge technology.
Wormhole is a decentralized protocol for blockchain messaging that allows Base Dawgz investors to seamlessly shift their assets across the different chains. Meanwhile, Portal Bridge further enhances DAWGZ’s functionality by ensuring secure and efficient cross-chain transfers.
Renowned YouTuber Jacob Bury recently spoke about DAWGZ and told his 40.7k subscribers that the base meme coin has the potential to surge 100X.
Approaching $2 Million
Base Dawgz hit the market running and raised $200k through its presale during its first day. This success continued over the course of the following week, as the meme coin’s ICO went on to surpass $1 million. Now, DAWGZ’s presale is on track to reach the $2 million milestone soon as well.
Anyone that wants to buy into the crypto at this early stage can do so through the project’s official website. Selling for $0.00527, DAWGZ can be bought with either BASE, ETH, BNB, AVAX or SOL using the simple buy widget embedded on the website’s home page.
Investors will want to hurry because the meme coin’s price is set to increase in less than a week.
Purchase DAWGZ here before its next price increase.
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