Venice Token’s 15% rally meets record 스테이킹 – Can VVV reach $30?
As the overall 암호화폐 market reacted to the FOMC rate hikes, Venice Token [VVV] has also reaped the gains. VVV hassurged by 15% over the last 24 hours, with 거래 volume climbing to $67. 90million over the same period.
More interestingly, the token rallied as the network’s Open Interest (OI) surged, while long positions slightly outweighed shorts across the derivatives market. So, can the bulls sustain the momentum?
According to the recent derivative data, VVV’s OI jumped by 15% to $125million over the past 24 hours as of writing, signaling increased participation in the derivatives market.
Going hand in hand, long positions account for 50. 58% of total market exposure, giving buyers a narrow edge as the token extends its rally.
On the long-term sentiments data, Venice Token’s 스테이킹 volume has also reached a new all-time high of $874million, at press time. That points to the stronger participation in VVV’s 스테이킹 ecosystem.
Meanwhile, network revenue has climbed to its highest level this month as a result of increased market activity, adding another positive fundamental backdrop to the recent price surge.
Notably, the VVV integration with the NEAR protocol could have played a role in the revenue increase.
With spot volume, OI, 스테이킹 activity, and revenue all moving higher, VVV’s rally is being supported by stronger market and network activity.
Notably, on the daily chart, the token price action is holding its bullish push since the consolidation breakout a few weeks ago.
VVV’s price action has respected thesupport level at $21. 50, and it is still 거래 above all its key EMAs. The next question is whether buyers can maintain that momentum as positioning becomes increasingly bullish.
As it stands, the 유동성 cluster worth $22. 72million around the next resistance at $30 highlights it as a key target for the network’s bulls. Moreover, given that VVV’s price action has a tendency to retest zones with large unmitigated 유동성 clusters.
Kelvin Murithi is a 암호화폐 journalist and on-chain analyst covering market structure, price action and 블록체인 data. He is a Bsc. Actuarial Science graduate and harnesses his statistical and data analysis skills to translate complex metrics into clear insights for everyday 암호화폐 investors.
출처: AMBCrypto