Technical analysis by elfabiiani about Symbol VLX: Buy recommendation (3/3/2025)

🚀 Velas (VLX) Technical Analysis & Market Outlook – March 2025 🚀📊 Current Market Structure & Technical Indicators🔹 Trend Overview: Velas has been in a prolonged descending trading channel, reaching its lowest price of 2025, making this a potential accumulation zone.🔹 Key Support & Resistance Levels:Support: 🟠 $0.00399 (historical low) and $0.00526 (current price level).Resistance: 🔵 $0.00749 (major breakout target) and $0.00900 (mid-term bullish target).🔹 Indicators Analysis:WMC Cipher B Divergences: Strong bullish divergence detected, suggesting upward momentum.RSI (14): Currently at 56.50, breaking above the neutral zone, indicating a reversal trend.Money Flow Index (MFI): Positive inflow, signaling increasing interest and potential accumulation.Stochastic (14,3,1): Overbought but still showing strength in the recovery phase.📌 Conclusion: VLX has reached its lowest point and is forming a potential breakout from the descending channel. A break above $0.00749 will confirm a bullish trend.🔥 Velas Ecosystem Updates & Growth Potential 🔥💡 Major Developments in the Velas Ecosystem✅ 1M VLX Tokens for Staking Rewards!Just last week, in collaboration with @AccumulatedFi, 1 million VLX tokens were allocated and distributed among stVLX stakers, further boosting incentives for long-term holders.✅ Subchains & Advanced Smart Contract FeaturesTwo weeks ago, Velas introduced a powerful devnet update, significantly improving scalability and efficiency:Hosting Subchains: New architecture supports subchains with an updated configuration (semi-compatible with geth init).Improved Subchain Management: More efficient program instructions, leading to faster and smoother blockchain operations.Mint/Burn Token Mechanism: Subchains now support a dynamic mint/burn token system, enabling more advanced DeFi applications and scalability solutions.✅ New Devnet Release! 🚀The Velas team isn't slowing down! They will release another devnet update, introducing:Internal Transaction Explorer: Users will be able to track internal blockchain transactions, enhancing transparency.Refined Documentation: Continuous improvements to the Velas Docs ensure seamless onboarding for developers. 🌟 The Road to Velas' Glory – ALEX ALEXANDROW & THE TEAM ARE DELIVERING! 🌟The Velas team, led by Alex Alexandrow, is on a mission to bring Velas back to its well-deserved glory. With continuous groundbreaking updates, strategic partnerships, and enhanced scalability, Velas is proving itself as a top-tier blockchain project with unmatched potential.🔥 With major innovations, growing adoption, and a rebounding market, Velas is positioned for a massive breakout! 🔥#Velas #VLX #Crypto #Blockchain #DeFi #Web3 #Staking #Innovation #Trading #HODL 🚀