On December 13, Velodrome (VELO) made a significant breakthrough, surging by over 135% to reach a new all-time high of $0.4245. This surge came after the price successfully surpassed key resistance levels. Previously, VLO had traded above the $0.1722 resistance on December 6th but experienced a pullback. However, on December 10th, the market established a higher low and ultimately broke out once again.
Velodrome is a part of the Optimism network, which aims to enhance transaction speed and efficiency. The recent price surge of Velodrome can be attributed to its listing on Binance, the world’s largest cryptocurrency exchange, with a seed tag. This listing has exposed Velodrome to millions of Binance users, significantly increasing its visibility. Moreover, its fork, Aerodrome, recently secured over $20 million from Coinbase Ventures, further bolstering investor confidence in VELO.
Looking ahead, analyst Louie has noted that Velodrome’s performance has been impressive, but with its price entering uncharted territory, the peak remains uncertain. Drawing parallels to a similar price pattern observed in PEPE before its breakout, Louie suggests that the 2.618 Fibonacci level could serve as a potential short-to-mid-term target for Velodrome.
Traditionally, cryptocurrencies experience price spikes following listings on major exchanges, but these gains tend to be short-lived. However, with the onset of the altcoin season, Velodrome, along with Aerodrome, stands to benefit from the increasing interest in alternative cryptocurrencies. As a coin with tangible real-world utility, Velodrome is poised to capitalize on the growing investor appetite for altcoins, potentially leading to substantial gains in the near future.
In conclusion, Velodrome’s recent breakout and listing on Binance have positioned it as a promising investment opportunity within the cryptocurrency market. With a strong foundation in the Optimism network and growing institutional support, VELO appears to be on a trajectory for further growth and success in the evolving digital asset landscape.