VELO Jumps 135% to New All-Time Highs After Binance Listing
On December 13, Velodrome (VELO) experienced a huge breakout, rising over 135%. The price recently hit a new high at $0.4245, a breakout that came after the price broke above a key resistance level. The price of VLO most recently traded above the $0.1722 resistance on December 6, but has since retreated. On December 10, the market made higher lows and has now broken out again.
Velodrome is part of the Optimism network, designed to make transactions faster and more efficient. Recently, Velodrome’s price surged after Binance, the world’s largest cryptocurrency exchange, launched a token with a seed tag. This listing exposed Velodrome to millions of Binance users. Even more exciting is that its fork Aerodrome just received over $20 million in direct public market funding from Coinbase Ventures. Backed by significant funding, VELO is quickly gaining traction.
What’s next for VELO?
Analyst Louis said Velodrome is performing well, but as its price moves into new territory, it’s unclear when and where it will peak. Analysts found similar price patterns before PEPE’s big breakout, which can help identify the current move.
In the case of PEPE, the price encountered resistance at the 2.618 Fibonacci level, setting a new all-time high two weeks after breaking out. If Velodrome follows a similar pattern, the 2.618 level could be a short to medium term target.
In the past, cryptocurrencies have often surged in price when they were listed on major exchanges, but those gains were often short-lived as the excitement wore off. However, as altcoin season approaches, Velodrome, like Aerodrome, is poised to benefit from the market’s growing interest in altcoins. Velodrome is a token with real-world utility that could see significant gains as more investors focus on altcoins.
