Velodrome Crypto Price: VELO Jumps 135% to New All-Time Highs After Binance Listing
Release: 2024/12/14 13:09 Reading: 710
Velodrome (VELO) Surges over 135% on Binance Listing
On December 13th, Velodrome (VELO) experienced a remarkable uptick of over 135%, reaching an all-time high of $0.4245. This breakout occurred after the token overcame key resistance levels, including $0.1722, which it had tested unsuccessfully on December 6th.
Optimism Network and Binance Listing Drive Momentum
Velodrome's surge is attributed to its inclusion on Optimism network, which aims to enhance transaction speed and efficiency. Additionally, Binance, the world's leading cryptocurrency exchange, played a significant role by listing VELO with a seed tag, exposing it to millions of users.
Aerodrome Funding and Altcoin Season Boost
Velodrome's fork, Aerodrome, recently secured over $20 million from Coinbase Ventures, further bolstering the token's credibility. With this financial backing and the approaching altcoin season, Velodrome is poised to capitalize on the growing interest in alternative cryptocurrencies.
Analyst Outlook and Potential Targets
Analyst Louie notes Velodrome's strong performance but cautions against making definitive peak predictions. Drawing parallels with PEPE's historical price action, Louie suggests that the 2.618 Fibonacci level could emerge as a short-to-mid-term price target.
Short-Term Volatility and Long-Term Prospects
While exchange listings often lead to temporary price spikes, Velodrome's potential remains strong, particularly given its affiliation with the altcoin season. As investors increasingly look towards alternative cryptocurrencies, VELO's real-world utility and exposure on Binance position it for potential gains.
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