Venice Token Gains 4.46% as Selling Pressure Persists

Venice Token rose 4.46% in the 24 hours through Oct. 12 after a 27% weekly decline, but negative funding and weakening indicators kept selling pressure in focus.

Trading volume increased 128% from the previous day. Open interest rose 8.5%, while spot cumulative volume delta continued higher, suggesting improving demand in spot and perpetual markets.

Funding rates turned negative, suggesting that short positioning had become slightly overcrowded. The shift came as VVV attempted to recover from its decline between Oct. 5 and Oct. 9.

VVV’s daily price structure remained bullish after the token broke a previous swing high in September. A daily session close below $21.13 would turn that structure bearish and provide an early warning of a downtrend.

Other indicators showed continued weakness. The accumulation/distribution indicator fell to multimonth lows, while the Chaikin Money Flow stood at minus 0.22 and remained negative for much of the past six months. The Awesome Oscillator also moved below zero, indicating negative momentum.

VVV’s $25 support level from September was broken earlier this month and later retested as resistance. VVV later failed to reclaim the former $25 support area after breaking below it.

Bitcoin (BTC) had fallen below $83,000, adding to short-term fear across the altcoin market. Continued market-wide selling would weaken VVV’s current price structure further.

VVV’s rise from its December low to a September record preceded the latest retreat.