- Venice Token price continued its strong rally this week.
- The company has some of the top fundamentals in the industry.
- VVV jumped and formed a double-top pattern on the daily chart.
Venice AI Token continued its strong uptrend today, reaching the crucial resistance level of $19. VVV has surged over 1,600% from its December lows, driven by soaring growth and token burns. However, it has now formed a risky pattern that it will need to overcome.
Venice AI Token Price Just Formed a Double-Top Pattern
The daily chart shows that the VVV price has surged in the past few months and is now hovering near its all-time high. However, the coin has formed the risky double-top pattern at $19 and a neckline at $12.41, its lowest level on May 16.
This pattern means that the coin may have a strong reversal in the coming days as investors book profits. If this happens, the initial target to watch will be at $12.41, its neckline, which coincides with the 38.2% Fibonacci Retracement level.
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On the other hand, a surge above the double-top point at $19 will confirm that the coin has bullish momentum. The initial target to watch will be at $25. Crossing that price will mirror what happened recently when it jumped above $10, which helped to propel it to a record high.
Venice AI Has Solid Fundamentals
The bearish outlook does not imply that Venice is a bad project. Rather, it is based on technicals, which are normally accurate in predicting future price actions.
In reality, Venice has some of the best fundamentals in the crypto industry. It has it all: strong utility, good tokenomics, and robust growth trajectory.
Data shows that Venice AI is seeing strong usage, with its website traffic nearing 10 million users a month. It recently passed 3 million users, and this trend is accelerating. It gained 3 million users in the first 13 months.
This means that its revenue is surging, which will translate into high token burns. That’s important because the network burns part of the fees that it generates. It is now burning tokens worth over $170k each month, and this trend is continuing. As a result, it has now burned 42% of the tokens in circulation.
Venice AI will also likely benefit from the ongoing growth of the artificial intelligence industry. A report by the WSJ noted that Anthropic’s revenue will soar to over $10 billion this quarter. The company recently raised funds at a $900 billion in valuation.
The other potential catalyst is the upcoming OpenAI IPO, which will value it at over $1 trillion. SpaceX, the company that owns Grok AI, is also planning to go to an IPO soon. These events may lead to more demand for AI tokens like Venice Coin.
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