Velo (VELO) has declined by 5.7% to $0.008928, encountering resistance at the 20-day exponential moving average (EMA) of $0.0095. The Stochastic RSI indicates overbought conditions, suggesting a potential short-term pullback. Analysts highlight key support levels at $0.008885 and $0.0077, with the daily chart showing price rejection at the 20 EMA. Market observers anticipate a higher low formation before any further upward movement, with resistance pegged at $0.009538. Maintaining support near $0.008885 is deemed crucial for sustaining the current trend.