- Venice Token price soared after being listed by Robinhood, the top American company.
- Venice AI’s growth is accelerating, with the number of users hitting 3 million.
- The token has slowly formed a double-top pattern, pointing to some gains followed by a reversal.
Venice Token price continued its strong uptrend today, May 20th, and is slowly approaching its all-time high. The VVV token jumped to $17.45, up substantially from last week’s low of $12.4. It has soared by 1,830% from its lowest point in December last year.
Venice Token Jumps After Robinhood Listing Ahead of NVIDIA Earnings
The VVV coin has continued its strong upward trend, driven by multiple key fundamentals. The current rally is due to the recent Robinhood listing, which made it available to millions of Americans.
Venice has now been listed by some of the biggest companies in the crypto industry, including Aerodrome Finance, Coinbase, Upbit, and Uniswap. Its daily volume has jumped by 42% over the last 24 hours to $80 million, while futures open interest has jumped to $121 million and 24-hour futures volume to $184 million.
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The VVV token has also soared as investors await NVIDIA’s upcoming earnings, which will provide more information on the ongoing artificial intelligence boom. It has become the most consequential company in the world because of its GPUs.
Strong NVIDIA earnings will push its stock much higher. It will also lead to more gains among popular AI coins, including Venice Token, Bittensor, and Near Protocol.
Venice Token has some of the most bullish fundamentals, including its soaring token burns and usage. Data shows that website visitors have grown by over 30% in the past few months, leading to more token burns. The number of users has jumped to over 3 million.
Similarly, the number of video inference requests on Venice has jumped to a record high this month.
VVV Token Price Prediction: Technical Analysis
The daily chart shows that the VVV token peaked at $19 earlier this month and then pulled back to $12.413. It has now rebounded as demand jumped and its fundamentals improve.
The token has remained above the 50-day and 100-day Exponential Moving Averages (EMA). It has also moved above the Supertrend indicator and the Strong Pivot Reverse level of the Murrey Math Lines tool.
A closer look shows that it is slowly forming a double-top pattern, with the upper side at $19 and the neckline at $12.4. A double top is one of the most common bearish reversal patterns in technical analysis.
Therefore, the coin will likely continue rising in the near term as bulls target the key resistance level at $19. A move above that level will point to further gains, potentially to the next key target, the psychological level of $25.
However, the double top pattern suggests a bearish reversal is possible. If this happens, it may rise to $19 before resuming its downward trend, potentially to $12.
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