VELO jumps 135% to new all-time highs after Binance listing
On December 13, Velodrome (VELO) experienced a major crash, surging over 135%. The price has recently hit a new ATH of $0.4245 and this gap is after the price has crossed key resistance levels. VLO price recently traded above $0.1722 resistance on December 6th but pulled back. On December 10, the market posted a higher low and has now broken again.
Velodrome is part of the Optimum Network, which aims to make transactions faster and more efficient. Velodrome's recent price increase comes after Binance, the world's largest crypto exchange, listed Tok on a token basis. This listing exposes Velodrome to millions of Binance users. More interestingly, the fork Aerodrome has raised more than $20 million directly from the open market from Coinbase Ventures. With huge funding, VELO is quickly gaining attention.
What's next for VELO?
Analyst Louis said the Velodrome is doing well, but it is unclear when and where it will increase as prices enter new territory. The analyst saw a similar price pattern in PEPE before the big breakout, which helped identify the current move.
In the case of PEPE, the price hit an all-time high after a two-week gap, hitting resistance at the 2.618 Fibonacci level. If Velodrome follows a similar pattern, the 2.618 level could be a short-to-medium-term target.
In the past, cryptocurrencies have often seen price spikes when listed on major exchanges, but these gains are often short-lived as the euphoria fades. However, as the start of the altcoin season approaches, the velodrome, like the aerodrome, is positioned to benefit from the market's growing interest. Velodrome is a coin with real-world utility, and as more investors look to altcoins, it can make huge profits.
