Venice Token surges 10% – Can VVV test $15 as volume triples?
VVV breaks out of its pennant as volume and Open Interest surge, strengthening the case for a move toward $15.
Venice Token [VVV] has extended its bullish momentum, gaining 10% over the past 24 hours at press time. The price surge comes alongside a sharp increase in market activity as trading volume triples and the network’s Open Interest (OI) surges significantly over the same period.
With the token’s retail participation also on the rise, could the anticipated rally to test the next resistance at $15 finally materialize?
VVV breaks out of pennant
On the daily chart, VVV‘s recent surge has pushed it beyond the pennant’s consolidation pattern. This breakout indicates the possibility of a shift from the accumulation phase to expansion, especially in light of the high volume traded.
In case of continued buying above the pennant, the chances for the token’s uptrend to proceed towards higher resistance levels are increased.
VVV trading volume triples
The token’s trading volume has tripled to around $20.56 million in the last 24 hours as of writing. This rise suggests that significantly more money is being traded along with the breakout of the token.
If the volume is sustained, it will help in maintaining the momentum towards the target of $15.
VVV’s Open Interest is on the rise
The positive derivatives further reinforce the bullish setup. At the time of writing, VVV’s OI has surged by 21% to $40.5 million during the same period. The increase in OI paired with a price breakout suggests traders and investors are adding fresh exposure as VVV moves higher.
If OI keeps growing without a significant rise in selling pressure, derivatives positioning could provide additional fuel for the ongoing rally.
That’s not all; VVV’s Average Order Size data is highlighting another notable development.
The metric indicates an increased presence of retail-sized orders around VVV’s current price. Its growing retail participation could broaden the market demand and add momentum to an established breakout as buyers continue to absorb the available supply.
But, for the momentum to sustain, this retail involvement must be in the form of spot buying.
Can VVV reach $15?
VVV’s bullish setup is supported by a 10% daily gain, a threefold increase in trading volume, and a 20% rise in OI.
The pennant breakout gives buyers a clear technical advantage, while increased retail participation could further accelerate the move. If VVV maintains its breakout and market activity remains elevated, $15 becomes the next key resistance for bulls to test.
A failure to sustain the breakout, however, could send the token back toward the pennant’s upper boundary before another bullish attempt.
Final Summary
- VVV surged 10% as trading volume tripled to $20.96 million following a pennant breakout.
- Open Interest rose to $39.8 million as retail activity strengthened, putting $15 in focus.
