VELO crypto is down 1% on the day, continuing its recent downtrend, which has seen VELO drop 8% in price over the past seven days. The 2020-launched project, since its launch nearly five years ago, has found itself 99.5% down from its October 2020 all-time high.
Today, VELO crypto is trading for $0.011, marking a significant fall from grace after hitting $1.89 all the way back in 2020. VELO has struggled to find its place in the modern crypto market, and recent price action indicates there will be no change anytime soon.
VELO Crypto Continues Its Near Five-Year Downtrend – Where Will It End?
As the old adage goes, ‘adapt or die’, and VELO crypto hasn’t exactly adapted to the huge changes across crypto since it launched back in 2020. While it is not exactly dead, the fact that VELO is down 99.5% from its all-time high in 2020 definitely points toward it being more dead than alive.
The use case behind VELO has always been as a payment processing platform that links TradFi to Web3 but was quickly usurped by Ripple Labs and its XRP token. Since playing second fiddle to XRP, VELO has struggled to create any momentum as Ripple are better funded, better connected and seemingly have the better technology.
This is one of the key reasons that VELO has been in a near-constant downtrend for the past four and a half years. However, under the VELO Labs umbrella, the team has built a multi-chain DEX, a multi-network bridge, and an EVM-compatible blockchain.
One hope for VELO crypto investors is that on the 1-day timeframe chart, the price is steady above the neckline of a recently formed head and shoulder pattern.
As long as this level holds, a reversal across the markets would likely result in a rally for VELO – though, how high it could go is another question altogether.
Per CoinGecko, VELO crypto has processed $34 million in daily trading volume, and its current market cap of $87 million makes it the 492nd largest cryptocurrency by market cap.
