Venice Token (VVV) surged by 10% in the last 24 hours following a successful bounce from the $21 support zone, which was previously the resistance level that acted as a barrier against bears. According to reports from AMBCrypto, the recent gains were particularly noteworthy given the token's recovery from the challenging week that saw the privacy-first AI platform token face a 27% drawdown from Monday, 5th October, to Friday, 9th October. The trading volume increased by 128% compared to the previous day, indicating renewed investor interest despite the recent volatility. The Open Interest behind VVV was up 8.5%, while the Spot CVD has been moving higher, suggesting improving demand dynamics and encouraging signs for both spot and perpetuals trading.
The rise follows the addition of new AI technology products by Venice Token, including Hy4 Preview, Muse Spark, and Muse Wonder, as reported by AMBCrypto. At the same time, VVV's revenue growth has been aided by increased adoption of its AI solutions, with October generating the most revenue on the platform. This expansion in AI product offerings represents a significant development for the privacy-focused platform, potentially strengthening its competitive position in the AI infrastructure market. The combination of new product launches and improved revenue metrics suggests growing market acceptance of Venice Token's AI-enhanced services.
On the daily timeframe, the swing structure remained bullish despite the previous week's correction, as reported by CoinMarketCap. The previous swing high was broken in September to re-establish the bullish structure, which remained intact at the time of writing. However, technical indicators presented mixed signals, with the A/D indicator continuing to slump lower, making multi-month lows. The CMF was at -0.22 and has been in negative territory for a good chunk of the past six months, highlighting steady selling pressure on Venice Token despite its bullish price structure. The pullback towards $21.13 also forced the Awesome Oscillator below the zero line, confirming that bearish momentum was prevalent and signaling potential for a deeper price slide.
The $21-support level has shifted from resistance into a key support zone for the network bulls, according to AMBCrypto analysis. A daily session close below $21 will shift the structure bearishly and be the first warning sign of a downtrend. However, with the token still trading above the 50-day, 100-day, and 200-day MAs, VVV's long-term structure still leans on the favor of bulls. The combination of technical indicators warning of downtrend potential and the broader market weakness creates a challenging environment for the token's recovery, but the recent AI expansion and revenue growth provide fundamental support for the bullish outlook.
The next major barrier for bulls sits around the $30 resistance level, which hosts an unmitigated liquidity cluster worth $31 million that could attract significant market attention, according to AMBCrypto liquidation heat maps data. If VVV manages to hold the support and buying activity gains momentum, it could help the coin move towards this area. However, remaining above the $21 level will enable the bullish formation to be maintained and provide bulls a chance to attack stronger resistance. The focus should remain on the $21 support as breaking below it might complicate the journey towards $30, while the expanding AI product lineup and reported revenue growth could strengthen sentiment and provide support to the bullish setup.
