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$VELVET $VELVET Technical overbought correction Technical indicators show that VELVET is overbought in the high zone (RSI too high).
Profit-taking is surging Out of rapid price doubling or even multiple times, early holders choose to take profits, causing selling pressure.
Current market conditions: this is a typical "meme coin/shitcoin" behavior pattern: hype-driven vertical rise → profit-taking + whale distribution → sharp correction.
Many traders in the community are calling for short positions.