$VELVET Current price 0.2640, 24h increase of 37.61%, bullish momentum surging. Daily chart volume breaks above the previous high of 0.2500, a key resistance, with MACD forming a golden cross and widening, volume and price moving in perfect harmony. However, the 24h high of 0.2776 is approaching the upper pressure zone, RSI reaching 71 in overbought territory, short-term caution for profit-taking. Support below at 0.2300 (the rebound from the 24h low of 0.1908 at the 0.382 retracement level), if retested without breaking, remains a buying opportunity.

Trading suggestion: At the current price of 0.2640, consider a light long position, with stop-loss below 0.2300 (strict risk control), first target at the previous high of 0.2776, second target at the 0.3000 round number. If volume expands and breaks below 0.2400, the bullish trend invalidates, and a short position can be taken down to 0.2100. Keep position size within 15% to avoid chasing and getting trapped. The current trading volume of 79.2M is significant, but main force may need to shake out, watch out for order placement risks.

The above is my personal technical analysis and does not constitute investment advice. Follow me for daily insights into the hidden currents behind candlestick patterns.