Venice Token’s (VVV) price action is accelerating towards the $21-pennant pole after successfully breaking out of its consolidation pattern four days ago. In fact, the altcoin’s price recorded a surge of 11% in just 24 hours.
This uptick was preceded by Veil’s Multi-Asset Pool going live on Base, with VVV among the five supported tokens benefiting from the launch. The token’s rising Open Interest and strong activity across both Spot and Futures markets could lend some fuel to a sustained rally too.
Will the latest breakout push VVV towards $21?
VVV has maintained its bullish momentum since breaking out of the pennant pattern four days ago. The aforementioned $21 pennant pole now represents the next major technical target for buyers.
Holding above the breakout zone would strengthen the continuation setup and keep this price level firmly in focus.
Veil launch adds fundamental catalyst
VVV’s bullish price action seemed to coincide with an emerging event in the Veil ecosystem too.
The Multi-Asset Pool of Veil is now up and running on Base, letting users deposit supported ERC20 and B20 tokens. The VVV token is one of the five supported tokens in the pool.
This event marks a clear improvement in market sentiment for VVV.
That’s not all either as the token’s derivatives activity has also been expanding alongside the rally. For instance, the Open Interest for VVV jumped by 16% to $53 million. This suggested that traders might be bagging in more positions as the token gets close to the next technical level.
The alignment of VVV technicals and surging market exposure suggested that fresh capital may be entering the market and reinforces the continuation setup by availing the required volatility for the anticipated aggressive push.
If this trend persists, derivatives positioning could lend additional momentum towards $21.
Retail and whales dominate different markets
The trading data of market participants revealed active trading activities on both the Spot and Futures markets.
At the time of writing, retail orders made up a bigger portion of the trading on VVV’s spot market.
On the other hand, whale orders have been dominating the Futures market. This implied that larger participants may be positioning themselves around the press time price levels.
A combination of broad spot participation and whale activity in Futures could strengthen the bullish setup if both groups continue supporting the advance.
Can VVV Reach $21?
If buyers maintain control above the breakout zone, chances of VVV’s price accelerating towards the $21 pennant pole will be close to certainty. A failure to sustain the breakout, on the other hand, could trigger a retest of the pattern’s upper boundary before another attempt higher.
Notably, the significant liquidity cluster worth $35.56 million at around $21 means the price level could be a key target for the network’s bulls and holders.
Final Summary
- VVV’s Open Interest hiked by 16% to $53 million after the pennant breakout.
- Veil’s Base launch has strengthened VVV sentiment too, especially as retail and whale activity dominated Spot and Futures markets.
