The Venice Token price continued its rally, reaching a high of $17.70, its highest point since June 8. VVV has jumped by 40% from its lowest point this week, and technicals suggest that it may reach its all-time high soon. It has already jumped by 1,805% from its December low.
Venice Token Price Jumps as US Blocks Access to Fabre
The VVV token price continued its recent rally, reaching its highest point in days. This rally continued after the SpaceX IPO, underscoring demand for AI assets. The stock jumped by nearly 20% on its first day, valuing the company at over $2.1 trillion.
There are signs that demand for AI assets continues to rise, with OpenAI and Anthropic planning to go public later this year. Polymarket traders believe that these companies will be valued at over $1.5 trillion, making them the fastest-growing companies to hit that milestone.
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The Venice Token price has also jumped amid growing platform usage. Data shows that the website traffic jumped to nearly 10 million last month, the highest level on record. This surge has continued as more users have moved to the platform because of its strong features, including its privacy features.
The growing usage is also reflected in its token burns. Data show that the network has burned tokens worth over $194k this month, meaning it will surpass the $237k in tokens burned last month. The network has already burned 42% of the tokens, while the staking yield has jumped to 12%.
There is a likelihood that the VVV token will do well now that the United States has banned Anthropic from selling Fable to foreigners. Fable is the stripped-down version of Mythos, a Claude AI model that sent shockwaves globally.
According to Axios, the US decided to take action after another company claimed it had jailbroken Mythos, a move that would have posed national security issues. In a statement, Venice said it was still possible for users to interact with Fable privately on their network.
VVV Price Prediction: Technical Analysis
The daily chart shows that the VVV token price has rebounded after hitting a bottom at $12.83, its lowest point on May 16 and June 10. It formed what appears to be a double-bottom pattern, a common bullish reversal signal in technical analysis.
The coin has remained above the 50-day and 100-day Exponential Moving Averages (EMA), a highly bullish sign in technical analysis. It has moved above the strong, pivot, and reverse levels of the Murrey Math Lines tool.
Therefore, the token will likely continue rising as bulls target the all-time high of $21.41. A move above that level will signal further gains, potentially reaching the psychological level of $30.
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