ambcrypto.com
7 h
Venice Token [$VVV] rallied by 4.46% in the last 24 hours. The privacy-first AI platform token faced a 27% drawdown from Monday, 5th October, to Friday, 9th October.
Coming off the back of such a tough week, the recent $VVV gains were commendable. In fact, according to CoinMarketCap, the last 24 hours’ trading volume was 128% higher than the previous day’s.
4.8 based on 40K reviews in the App Store and Google Play
The Open Interest behind $VVV was up 8.5%, and the Spot CVD has been in a steady move higher. The Spot and perpetuals demand could be an encouraging sight. However, funding rates dipped into negative territory before press time hours to signal a slightly overcrowded short trade.
On the daily timeframe, the swing structure was bullish. The previous swing high was broken in September to re-establish the bullish structure. This was intact, even at the time of writing, despite the previous week’s correction.
A daily session close below $21.13 will shift the structure bearishly and be the first warning sign of a downtrend. The technical indicators were already warning of a downtrend though.
The A/D indicator continued 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. Together, the two volume indicators highlighted the 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 to confirm that bearish momentum was prevalent.
The $25-support level from September was broken earlier this month and was retested as resistance in recent hours. This retest was followed by a bearish engulfing candle, signaling that there was potential for a deeper price slide.
At the time of writing, Bitcoin’s [BTC] price had slid below $83K, sparking short-term altcoin market fear. Sustained market-wide selling will shift the Venice Token’s structure bearishly.
