Venice Token (VVV) drops 25% as analysts eye $20 support level

Venice Token (VVV) has fallen 25% from its record high of $34.60 to $25.90 as of September 29, following a broader market sell-off triggered by Bitcoin's decline from $87,000 to $82,000. Despite a 230% gain in Q3, analysts suggest the token may face further profit-taking ahead of the late October Federal Reserve rate decision. A potential support zone is identified between $20 and $22, which aligns with the 50%-61.8% Fibonacci retracement level and the 200-day moving average. While the project saw a significant increase in token burns in September, reaching nearly $30,000 in volume, the overall burn rate remains slightly below August levels.