Venice Token has staged a strong comeback in the past few days, reaching its highest level since June this year. The VVV token soared to a high of $18, up sharply from the July low of $9.8. This article highlights some of the top reasons why the token is on the cusp of more gains.
Venice Token price technicals point to more gains
The daily chart shows that the VVV token has some of the best technicals in the crypto industry. Venice bottomed at $9.8 and has moved above the 50-day Exponential Moving Average (EMA).
The token has crossed the important resistance level of $14.8, its highest level on July 26. It has invalidated the forming double-top pattern, a common bearish reversal sign in technical analysis
The Relative Strength Index (RSI) has soared to 79, its highest level since May this year. It has been in a strong upward trend after bottoming at 31, its lowest level on July 7 this year. Therefore, there is a likelihood that the token will continue rising as bulls target the key resistance level of $21, its highest level in June this year.
VVV token chart | Source: TradingView
Venice AI growth is accelerating
One of the top catalysts for the VVV token is that demand for its platform is rising as the artificial intelligence boom accelerates. SimilarWeb data shows that the number of visitors on its platform jumped by 15% in July to over 15.3 million. Most of these visitors are on their mobile devices, with 35% being on the desktop platform.
This surge is important because it means that Venice is becoming a major player in the artificial intelligence industry. It is achieving that by focusing on a freemium model, where it provides its solutions for free and then users can upgrade for a fee.
The growth is also important because it helps it to boost its revenues. Venice uses some of its fees to reduce the amount of VVV tokens in circulation. It has already burned 42% of all the VVV tokens, and the growth is continuing. It has burned tokens worth over $582k, up from the $445k it burned last month. The burn rate has been continuing from the December levels of $64k.
OpenAI and Anthropic IPOs
Another bullish aspect for the VVV token is the upcoming OpenAI and Anthropic IPOs that will happen later this year or in 2027. There are signs that these will be some of the biggest IPOs in the world.
Anthropic is considering raising over $100 billion in its IPO, which will be higher than what SpaceX raised. Its valuation may jump to over $2 trillion, helped by its strong revenue growth.
OpenAI is also expected to have a big IPO, considering that its revenue is growing. While its second-quarter revenue disappointed, the management noted that the Q3 one was accelerating. As such, there is a likelihood that top AI coins will do well ahead of the IPO.
The post Venice Token is rising: top reasons VVV has more room to go appeared first on Invezz