VVV jumps 16% as Upbit listing boosts Venice Token – More gains ahead IF…

After retracing to $14, the Venice Token [VVV] found another strength to continue with the uptrend. The altcoin jumped to $19.4, its highest level in over 16 months.

As of this writing, Venice traded at $18.02, up 16.4%, adding to its 91% weekly gains. At the same time, its trading volume has risen 220% to $113 million, while the market cap has surpassed $800 million, indicating bullish momentum. 

Venice AI push with Seedance 2.0 expands market reach

The Venice team has aggressively pushed for a privacy-first AI platform, with VVV as the private AI token. To achieve its goal, Venice has expanded its reach into the AI sector with its latest Seedance 2.0.

Video creators can now generate content on Seedance 2.0. The latest model further expands the Venice user base.

At the same time, user-generated fees provide a sustainable revenue model for the platform. Amid this shift,  Venice Co-founder Erik Voorhees argued that Venice.ai is now positioned to compete with other AI platforms while offering privacy and crypto, noting that, 

Venice is a private, uncensored version of ChatGPT with crypto ethos baked in.

In addition, Venice.ai integrated with GitLawb, becoming the official provider of OpenClaude. The integration gives users a private, unrestricted AI right within the coding workflow. 

These developments on the AI side have incentivized new users and boosted demand for the token. In doing so, the push has tapped capital from the AI and privacy sectors at once. 

Upbit lists the VVV token for trading

In addition to changing the AI narrative, Venice token received a major boost from Upbit. The largest Crypto exchange in Korea listed the VVV token with KRW, USDT, and BTC as trading pairs. 

According to the announcement, deposits and withdrawals will only be supported on the Base Network. The listing significantly expanded the altcoin market reach, thus boosting its trading volume.

How far can VVV go amid this bullish wave?

Venice Token has experienced strong upside momentum driven by rising demand in both the AI and privacy sectors. The latest listing on Upbit further boosted this market demand.

For that reason, the altcoin’s Relative Strength Index (RSI) climbed to 81, reaching overbought levels. RSI at these levels suggests that the momentum is largely driven by strong bullish pressure.

At the same time, the Bulls v Breas ratio has jumped from 0.38 to 93, further confirming the strengthening bullish pressure.

Under such market conditions, assets have tended to make more gains. If the upside momentum holds, VVV will finally flip $20 and eye $22.

However, profit takers remain extremely active in the market. With every jump, sellers have rushed to cash out, causing the recent volatility.

On the 12th of May, profit-taking skyrocketed to record levels. Spot Netflow rose to a new all-time high of $4.3 million according to Coinglass data.

Traditionally, heightened profit-taking has weakened upside momentum, leading to market pullbacks. Thus, if sellers maintain the current rate, VVV is likely to breach the $14 support level again.

Final Summary

• VVV extended its bullish streak, rising 16% to $19.4, before slightly retracing at press time. 
• Venice Token to rally driven by two main factors: listing on Upbit and AskVenice’s expanded reach with Seedance 2.0.