VELO, the Velo Labs token on the Stellar network, has risen more than 1000% in the past three months.
VELO price is rising
When it first came to the market in September 2020, VELO was trading for less than $0.50. Just two months later, it hit $1.80 after a bull run.
Last year saw VELO’s price plummet to $0.001 in December, a 99.95% from the previous highs. However, when January came around, its price started rising. The price set its 2023 annual high close to the 14 thousandths of a dollar. The gain was a 1,300% gain from the December lows.
Notably, the price also received a boost from the Visa partnership in February.
At the time of writing, it is trading at $0.01073, a 15.7% drop from yesterday. Furthermore, its trading volume dropped to $63 million, a 30.06% drop. Even though the current price is low, it is still over 900% higher than the December lows. Furthermore, it is 276% higher over the last 30 days.
VELO technical analysis
Looking at the price chart of Velo over the past three months, we can see that the cryptocurrency has been in an uptrend since late December 2022. The price has been moving in a channel creating higher highs and higher lows, indicating a bullish trend.
The 50-day moving average (MA) is above the 200-day MA, showing a bullish trend. Velo’s volume has been relatively high over the past three months, indicating intense buying pressure. More so, the volume picked up in mid-February, showing more buying pressure.
The Relative Strength Index (RSI) has been oscillating between overbought and neutral levels over the past three months, indicating a strong momentum in the bullish direction. However, since the RSI has been in the overbought territory for an extended period, it may face a possible correction.