Venice Token (VVV) remained under pressure after falling 6.2% over the past 24 hours, with bears keeping the token near the $12 level.
At the time of writing, VVV traded at $12.34 after moving between an intraday low of $11.98 and a high of $13.46.
Notably, today’s decline extends a broader period of weakness for the token.
VVV has dropped 18.5% over the past seven days and is down 30.5% over the last month, despite posting a 342.7% gain over the past year.
Selling pressure builds as key support comes under threat
The latest decline has placed a major technical level under close watch.
VVV recently failed to defend the $12.87 support zone, an area that had previously formed what appeared to be a potential triple-bottom pattern.
Losing that level has weakened the near-term technical picture and increased the risk of further downside if buyers fail to regain control.
The decline was accompanied by a sharp increase in trading activity.
Daily trading volume climbed to more than $34.5 million, reflecting heightened market participation during the sell-off.
Earlier analysis also showed trading activity jumping by more than 55%, indicating that much of the recent volume came from investors exiting positions rather than fresh buying.
The bearish trend is also reflected in the moving averages.
VVV continues to trade below its 9-day and 21-day moving averages, while the daily exponential moving averages (EMAs) remain largely negative.
The token has only managed to stay above its 200-day and 100-day EMAs, whereas the 10-day, 20-day, and 50-day EMAs continue to act as resistance levels.
Although the longer-term structure remains intact above the 200-day EMA, the short-term trend continues to favor sellers unless the price begins reclaiming those moving averages.
The 14-day Relative Strength Index (RSI) currently stands at 39.83. While the reading is approaching oversold conditions, it does not indicate an immediate rebound.
Broader crypto market weakness adds pressure
VVV’s decline has not occurred in isolation.
The wider cryptocurrency market has also struggled, reducing demand across many alternative digital assets.
Bitcoin declined 1.98% after continued spot Bitcoin ETF outflows coincided with stronger-than-expected US inflation data.
The combination weakened overall market sentiment and encouraged investors to reduce exposure to higher-risk assets.
At the same time, the CMC Altcoin Season Index dropped 8.33% over 24 hours, signaling capital rotation away from altcoins.
That broader shift has added further pressure on tokens such as VVV, making it more difficult for buyers to regain momentum despite occasional rebounds.
July emissions cut could become the next market catalyst
Market participants are also monitoring the project’s upcoming token emissions adjustment.
A planned 25% emissions cut scheduled for July 1 could reduce the pace of new token supply entering the market.
Traders will be watching whether the reduction eases sell-side pressure and improves demand in the sessions that follow.
In the near term, price action around the $12.87 area remains the key level to monitor.
Recovering and holding above that level would improve the short-term technical outlook and shift attention toward resistance near the 9-day moving average around $14.72.
Failure to reclaim that support, however, would keep bearish momentum in control and leave VVV exposed to a retest of the $12 support level.
If $12 gives way, the next long-term support zone would need to be reassessed based on prior price structure.
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