- Venice Token price made a strong bullish breakout this week.
- A top analyst has predicted that the token will jump to $100.
- The token will likely soar amid the ongoing tokens burn and potential buybacks.
Venice Token price made a strong bullish breakout and crossed an important resistance level at $9.9380, where it failed to move above several times since April. This VVV rally may continue in the near term as a top analyst predicts that it will jump to $100.
A Top Analyst Predicts a Venice Token Price Surge
The VVV token price has jumped substantially in the past few months, moving from a low of $0.90 in December to over $10 today.
In an X post, Bitcoin Mami, a top crypto analyst with over 70k followers, predicted that it will emulate Quant and surge to the key resistance level at $100 this year. Such a move would mean a 900% surge from the current level.
The analyst predicted that the teams will start VVV token burns using a portion of the fees generated. Token buybacks are usually bullish because they help to reduce the number of coins in circulation.
READ MORE: Here’s Why the SoFi Stock Price Has Crashed: Will it Rebound?
He also expects the team to announce additional token burns, which will further reduce the circulating supply. It has already announced a plan to increase the token burn by doubling the fees it burns. This is important because the network receives subscription fees in US dollars and then uses them to burn tokens.
Venice Token has already burned 43% of its total supply, while many more have been staked.
Most importantly, there are signs that demand for the VVV token will continue to rise in the coming months as API calls for Venice surge amid the ongoing AI boom. The most recent data shows that the platform is making over $20 million a year, a trend that may accelerate in the coming months.
These metrics explain why the VVV token’s demand has continued to rise. The futures open interest has surged to over $73 million from the year-to-date low of $5 million.
VVV Price Technical Analysis
The three-day chart shows that the VVV Coin price has continued to rise over the past few weeks, soaring from a low of $0.90 to the current $10. It has now moved above the important resistance level at $9.9380, a level it has struggled to move above several times this year.
The token also formed a bullish flag pattern, a common continuation signal in technical analysis. It has moved above the 50-day Exponential Moving Average (EMA), while the Relative Strength Index rose to 75.
Therefore, the most likely Venice Token price forecast is bullish, with the next major target being at $15. A drop below the channel’s lower boundary at $8.35 will invalidate the bullish outlook.
READ MORE: Sonic, Unichain, Berachain, Scroll: How Promising Ethereum Rivals Collapsed
