1.8000 held for 8 hours without breaking, just formed a double top on the 15-minute chart. $$VELVET will either die or fly in the next 24 hours, I lean towards a dip first.

Check the data: 24h volume is 1089M, turnover rate exceeds 80%, meaning today's chase-high positions have already rotated once. The 1.5579 level is currently stuck near the M-top neckline, with 1.4800-1.5000 below being the initial dense chip zone for today's rally. If the retracement holds, there's still a chance for a short-term move. But don't rush in.
My logic: 1. Technically, the 15-minute MACD has already formed a death cross, and RSI dropped from 95 to 68—this is a clear divergence repair. If this is a washout, 1.4800 is the bottom line that cannot be broken; if it breaks 1.4600, 1.8000 becomes a solid top, and it will go to 0.9500 to fill the gap. 2. Trading suggestion: Light long on a retrace to 1.5000-1.5200 range, stop loss at 1.4500; if it breaks below 1.4600, reverse short directly, target 1.0500. Always keep position size under 5%. For such a surging coin that doubles in a day, those who entered this morning are floating over 100% profit, and selling pressure could crash at any moment. 3. Above, 1.7200 is the first resistance, 1.8000 is the second; if it breaks and holds above 1.8000, target 2.2000. But honestly, I lean toward a pullback to around 1.45 before considering entries.
Don't gamble on a breakout. Today's candlestick structure looks like a slow knife of distribution by the whales. Scan the order book yourself: Sell 1's order dropped from 1 million U to 200k U, while buy orders are piling up 3 million U around 1.5500—clearly a market-making action. Support means they're uneasy, afraid of a free fall.
Off-topic: I've been watching this coin on Gate for three months. The main force has extremely high control. Contract data shows short positions at 74%, but the main force likes to reverse. For deep tracking, you can check my history; combining technicals with on-chain data is more useful.
Short-term target: Long at 1.4800, take half profit at 1.7200, trailing stop on the rest. If it breaks 1.4500, don't hold. Remember, something that doubles on a small green candle can zero you out on one red candle.