Venice Token (VVV) fell 21.27% in the past 24 hours, with trading volume dropping to $96.76 million, a 27.74% decrease from the previous day. The simultaneous decline in price and trading volume indicates a significant weakening of buying pressure, and the correction following the previous rise is deepening.
Both open interest and trading volume declined.
The previous rebound had pushed VVV close to the $20.86 resistance level, but the price failed to hold, and selling pressure subsequently regained control. As trading activity declined, new funds failed to offset the selling pressure, and market participation weakened as a result.
Derivatives data also weakened. Open interest fell 30.34% in 24 hours to $85.72 million. This typically means that traders are actively closing positions during a downtrend, rather than adding to them.
Break below the rising support line
From a technical perspective, VVV has broken below the upward support line formed during the May rally. This break occurred after the price encountered resistance near $20.86, and sellers subsequently pushed the price back to the middle of the range.
The chart cited in the report shows that VVV traded around $15.23, already below previous support levels. Meanwhile, the MACD line crossed below the signal line, and the histogram weakened, reflecting a continued decline in short-term momentum.
- The 24-hour decline was 21.27%.
- Trading volume dropped to $96.76 million.
- Open interest fell to $85.72 million.
Long liquidation was significantly higher than short liquidation.
Further liquidation data reveals that this round of decline was primarily amplified by the clearing of long positions. Statistics show that the amount of long position liquidations was approximately $310,900, while short position liquidations amounted to approximately $36,200, a significant difference between the two.
Platforms such as Binance, Hyperliquid, and Bybit have all seen significant long position liquidations. Overall, this correction appears more like a concentrated clearing out of previously excessively expanded long positions, rather than a deliberate and large-scale sell-off by short sellers.
If selling pressure continues, the market may test the support level around $12.41. If this level is breached, the next key area to watch is around $8.49.
