Velodrome Finance has experienced a significant surge in price, reaching a year-to-date high following its listing on Binance. The token, VELO, saw a remarkable increase of 810% from its lowest point this year, pushing its market cap over $282 million.
The listing on Binance, the leading cryptocurrency exchange, with a seed tag has provided VELO with exposure to a vast customer base. This listing is expected to boost trading volume, with most VELO tokens currently being traded on exchanges like MEXC, OKX, Gate, and XT. The sheer scale of Binance suggests that the token’s volume is likely to see further growth in the coming days.
It is a well-known trend in the cryptocurrency market that tokens often experience a rally when they are listed on major exchanges, although these gains are typically short-lived as the initial hype subsides.
Velodrome Finance has emerged as a prominent player in the decentralized finance sector, with its total value locked surpassing $100 million and DEX volume in the past week exceeding $700 million. This positions Velodrome ahead of other popular Optimism DEX networks such as Uniswap, WOOFI, Beethoven, and Curve Finance.
The platform has processed over $20 billion in assets to date, a trend that is expected to continue as the cryptocurrency bull market gains momentum. DEX networks like Raydium and Uniswap have witnessed a significant surge in volume this year, with November’s volume surpassing $371 billion.
Looking at the price chart, VELO has been on a strong uptrend in recent months, retesting the crucial resistance level at $0.030, which marks the highest point since May 10. This level corresponds to the upper side of the cup and handle pattern, with the handle section now complete. The cup and handle pattern is a well-known bullish continuation signal.
Furthermore, VELO’s price has moved above both the 50-day and 100-day moving averages, indicating potential for further upside in the long term. By measuring the depth of the cup, it is projected that the VELO price could potentially reach $0.054, representing a 109% increase from its current level.
In conclusion, Velodrome Finance’s listing on Binance has propelled its price to new heights, with the platform solidifying its position in the decentralized finance space. The bullish momentum and positive technical indicators suggest that VELO’s price may have more room for growth in the near future.