The cryptocurrency market has posted a slight increase over the past 24 hours, yet the best performer (from the top 100 club) isn’t Bitcoin (BTC) or another popular digital asset, but the lesser-known Venice Token (VVV).
Its price exploded to a record high, with many analysts foreseeing further gains. However, some believe holding from here on could be risky, suggesting profit-taking might be the smarter move.
The Major Pump
Just a few hours ago, VVV skyrocketed to a new all-time high of almost $30. Shortly after, it lost some of those gains and now trades around $25.60 (per CoinGecko), up about 42% in 24 hours. The asset’s market capitalization surged past $1.2 billion, thus surpassing popular altcoins like Pi Network (PI) and Arbitrum (ARB) to become the 68th-largest cryptocurrency.
Perhaps the main catalyst for the surge is one of the project’s latest announcements. The team revealed that a total of $391,000 worth of VVV has been burned, which is the largest amount sent to a null address so far. The utility and capital asset of the Venice AI platform has a total supply of about 80.97 million coins, with more than half already in circulation.
X user Crypto With Gopal claimed VVV has shown a strong bullish breakout after the price pushed decisively above the $23 resistance zone. He argued that buyers are clearly in control and outlined the next key level at around $29.20.
“A sustained move above it could open the door for another leg higher,” the analyst added.
OxNeena and Nebraskangooner also weighed in. The former opined that VVV “is setting up for a massive move” and forecasted a jump beyond $30 if the upward trend continues. For his part, Nebrasangooner sees the token’s chart as “strongly bullish until proven otherwise.”
“Next fib resistances I’m seeing above are $27 area and $35 area,” he stated.
Time to Cash Out?
X user Crypto Patel also highlighted VVV’s price rally, but noted that locking in profits at this stage could be the more sensible move. “If you’re comfortable with higher risk, you can keep a small portion running for the possibility of further upside, but after a 1,600% move, protecting profits matters,” the analyst added.
The token’s Relative Strength Index (RSI) supports the theory that the price may head south in the near future. The ratio has jumped above 80, meaning that VVV has entered extreme overbought territory and could be due for a pullback. The index runs from 0 to 100, where anything below 30 is typically considered a buying opportunity.
Source: CryptoPotato
