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 lowest point in December.
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, which showed that there is 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 the demand for AI assets continues rising, 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 the growing usage for the platform. 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 moved to the platform, because of its strong features, including the privacy aspect.
The growing usage is also reflected on its token burns. Data shows that the network has burned tokens worth over $194k this month, meaning that it will surpass the $237k tokens that were 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 model that sent shockwaves globally.
According to Axios, the US decided to take action after another company claimed that it was able to jailbreak Mythos, a move that would have led to national security issues. In a statement, Venice said that it was still possible for users to interact with Fable in a private manner on the network.
VVV Price Prediction: Technical Analysis
Venice Token price chart | Source: TradingView
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 looks like a double-bottom pattern, a common bullish reversal sign 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 level 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 point to more gains, potentially to the psychological level of $30.
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