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#VELVET $VELVET 15m This drop is a bit sudden, current price $1.6446, 24h -11.04%.
This level is quite critical. The pullback isn't gentle, so be cautious of a weakening from the highs.
But it can't be ignored either — my data shows longs account for 61%. The funding rate is +0.058%, so longs are clearly paying fees. If support below is not held, weakness will spread.
In the chart, look at the structure and the candlesticks — don't just look at a single candle's movement.
As long as support around $1.5953 holds, $1.6857 will be the next level to watch.