Venice Token fell 25% from its record high to $25.90 on Sept. 29, following Bitcoin’s drop from $87K to $82K. The cryptocurrency tripled in Q3, from $10 to $35, but the recent pullback has not reached the key Fibonacci support zone at $20-$22. VVV’s September token burn volume rose from $11,000 to nearly $30,000, and $666,000 has been spent on buy-and-burn activity. That total was still 4% below August’s pace of $691,000. Further downside remains possible if macro pressure deepens.
The Venice Token [VVV] slid to a low of $25.90 on Sept. 29, a 25% drop from its record peak of $34.60. While the altcoin showed an incomplete hammer candlestick, an extra price decline and discount could not be ruled out.
The sell-off followed Bitcoin’s drop from $87,000 to $82,000. VVV tripled in Q3, rising from $10 to $35, a 230% gain between July lows and September peak.
The broader market may remain range-bound ahead of the Fed rate decision in late October. This could trigger more profit-taking among altcoins that exploded in Q3, including VVV.
The recent 20% pullback has not touched the 50%-61.8% Fibonacci golden zone at $20-$22. This zone also aligns with the 200-day moving average, reinforcing it as key support. An extended pullback to 35% could increase the odds of a strong reversal if the 200-day MA/golden zone area holds. That would offer a long opportunity targeting $32-$35, representing 53% upside potential. A break below the 200-day MA would invalidate the bullish thesis.
VVV’s Q3 rally was also marked by a 3x burn rate in September. Buy-and-burn volume jumped from $11,000 to nearly $30,000, while $666,000 has been spent to buy and burn VVV tokens. Despite the 3x rate, that total was still 4% below August’s pace of $691,000. The aggressive burn pace and deflationary narrative also fueled VVV’s Q3 rally.
If macro pressure eases and Bitcoin defends $84,000, a rebound could occur in October. In that case, VVV could defend $20 and re-target $35 or higher. If Bitcoin loses $84,000 and $80,000 support, VVV could be dragged lower.
