Venice Token (VVV) has emerged as the top performer among the top 100 cryptocurrencies, surging approximately 112% over the past month to reach a new all-time high of nearly $30. The token, which has since settled around $25.60, saw its market capitalization surpass $1.2 billion, overtaking Pi Network and Arbitrum to become the 68th-largest cryptocurrency. The rally follows the project’s announcement of $391,000 worth of VVV being burned, the largest amount sent to a null address to date. While analysts point to further upside potential, technical indicators show the token has entered extreme overbought territory, with some experts recommending profit-taking after the substantial price increase.
The lesser-known Venice Token (VVV) has become the best performer among the top 100 cryptocurrencies, posting a 42% increase in 24 hours. The token reached a new all-time high of nearly $30 before settling at approximately $25.60.
The asset’s market capitalization surged past $1.2 billion, making it the 68th-largest cryptocurrency. The project’s total supply stands at about 80.97 million coins, with more than half already in circulation.
The team revealed that $391,000 worth of VVV has been burned, marking the largest amount sent to a null address so far. This announcement served as a major catalyst for the price surge.
Analyst Crypto With Gopal claimed VVV showed a strong bullish breakout after pushing decisively above the $23 resistance zone. The analyst outlined the next key level at around $29.20, stating that “a sustained move above it could open the door for another leg higher.”
OxNeena opined that VVV “is setting up for a massive move” and forecasted a jump beyond $30 if the upward trend continues. Nebraskangooner sees the token’s chart as “strongly bullish until proven otherwise,” with next fib resistances at the $27 area and $35 area.
However, Crypto Patel highlighted that locking in profits at this stage could be the more sensible move. “If you’re comfortable with higher risk, you can keep a small portion running for the possibility of further upside, but after a 1,600% move, protecting profits matters,” the analyst added.
The token’s Relative Strength Index has jumped above 80, indicating that VVV has entered extreme overbought territory. The index runs from 0 to 100, where anything below 30 is typically considered a buying opportunity.
