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Velodrome Finance price has skyrocketed by more than 14% in the past 24 hours and is currently trading at $0.1065 as investors rush to accumulate this alternative coin.
Highly anticipated politician trading alert ✍️
This time, it’s cryptocurrency
Congressman Mike Collins (R) just disclosed buying $15,000 worth of a cryptocurrency called Velodrome
Its market value is only about $150 million
pic.twitter.com/oWicS3s6Zv
- Nancy Pelosi Stock Tracker ♟ (@PelosiTracker_)
June 17, 2024
The recent surge in VELO’s price came after U.S. Congressman Mike Collins revealed that he had purchased the token. He stated that he purchased VELO on May 15, when the cryptocurrency was trading at around $0.13. Collins also revealed that he purchased $15,000 worth of the token.
Velodrome Finance Price Tests Key Support
VELO/USD 4-hour chart (Source:
GeckoTerminal
）
In the past 24 hours, Velodrome Finance price has been rejected by the $0.1250 resistance level. A series of lower highs were printed on the 4-hour chart, which has led to the formation of a negative trend line. VELO has also broken the $0.1123 support level and is currently testing the $0.1046 support level.
If it closes the 4-hour candle below $0.1046, VELO might risk falling to the next support level of $0.0925 within the next 12 hours. However, a successful trade above $0.1046 in today’s trading session might negate this bearish view. This might also place the Velodrome Finance price above the recently formed downtrend line.
In this alternative scenario, the altcoin could start climbing towards the previously mentioned $0.1123 level. If enough buying pressure is seen when this point is reached, it could cause it to flip this threshold into support. This would provide a technical basis for it to continue climbing higher in the near term.
Trader
Long positions in this cryptocurrency may be entered. With this potential long pressure, VELO might try to break out of $0.1245 and then it might rise as high as $0.1377.
Technical indicators suggest that Velodrome Finance price could fall in the next 24 hours
Technical indicators on VELO’s 4-hour chart warn that Velodrome prices could continue to fall over the next 24 hours. The relative strength index (RSI) value has dropped significantly over the past few hours. Although the RSI remains in bullish territory above 50, the negative slope and recent decline could indicate waning buying power.
If the RSI drops below 50, it could be a sign that sellers have the upper hand. Therefore, if sellers choose to take advantage, it is likely that the Velodrome price will more easily fall over the next 24 hours rather than the bulls working hard to boost the price.
Meanwhile, the Moving Average Convergence Divergence (MACD) line is converging towards the MACD signal line. Traders may view this as an early sign that VELO’s current bull cycle is coming to an end. The crossover of these two lines could also be a sign that the altcoin is entering a negative phase.
As VELO bullish momentum begins to wane, investors continue to pile into cross-chain memecoin
Base Dawgz (DAWGZ)
.
Providing seamless interoperability between multiple blockchains for token holders
Although Base Dawgz uses the Layer-2 network Base as its headquarters, the project team plans to expand this memecoin to several other networks.
These additional chains include some of the most active and liquid networks in the current Web3 space, such as Solana, Ethereum, Avalanche, and Binance Smart Chain.
Not only will this allow investors to easily transfer value across networks, it will also enable them to participate in high-yield DeFi opportunities regardless of which network they are on.
This is thanks to the powerful cross-chain technology that supports Base Dawgz. At the core layer, the project enables investors to claim, store and trade on multiple networks through Wormhole and Portal Bridge technology.
Wormhole is a decentralized protocol for blockchain messaging that allows Base Dawgz investors to easily transfer assets between different chains. Meanwhile, Portal Bridge further enhances the functionality of DAWGZ by ensuring secure and efficient cross-chain transfers.
Popular YouTuber Jacob Bury recently spoke about DAWGZ, telling his 40.7k subscribers that the basic meme coin has the potential to increase 100x.
Nearly $2 million
Base Dawgz quickly rose to prominence in the market, raising $200,000 in presale on the first day. This success continued in the following week as the memecoin’s ICO went on to surpass $1 million. Now, DAWGZ’s presale is set to reach the $2 million milestone soon.
Anyone who wants to buy the cryptocurrency at this early stage can do so through the project’s official website. DAWGZ is priced at $0.00527 and can be purchased with BASE, ETH, BNB, AVAX, or SOL using the easy purchase widget embedded on the website’s homepage.
Investors will want to hurry as the price of this memecoin is set to increase in less than a week.
Buy DAWGZ here before the next price surge.
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