📊 Venice Token tumbles 21% amid liquidation wave: Are $VVV buyers giving up?⚠️
Venice Token [
#VVV ] fell 21.27% over the last 24 hours, while trading volume dropped 27.74% to $96.76 million. The decline in both price and volume suggested market participation weakened as buyers stepped away from the market.
Earlier rallies had pushed VVV toward the $20.86 resistance level; however, sellers regained control before the token could establish a sustained breakout.
The contraction in trading activity showed that fresh demand failed to offset the wave of selling pressure.
Why are leveraged traders exiting so quickly?
Speculative interest weakened considerably as Open Interest declined 30.34% to $85.72 million.
The drop indicated traders closed positions aggressively instead of adding new exposure during the correction.
A falling Open Interest reading alongside a sharp price decline often reflects capital leaving the derivatives market rather than rotating into fresh positions.
The data suggested many participants chose to reduce risk as volatility accelerated.
In addition, the scale of the decline showed conviction weakened across both retail and leveraged segments.
Market participants had previously supported the uptrend with growing derivatives activity. However, the latest figures revealed that confidence deteriorated rapidly once VVV lost its short-term structure.
Until Open Interest stabilizes, traders would likely remain cautious about pursuing aggressive bullish positions.
Ascending support breaks as bears take charge of VVV
Price action weakened significantly after VVV broke below its ascending support trendline, which had guided the rally throughout May. The breakdown occurred shortly after the token faced rejection near the $20.86 resistance level.
Following that rejection, sellers pushed the price toward the middle of the broader trading range. The chart showed VVV trading around $15.23, placing it below the former support structure.