After surging to new highs in November final yr, VVS Finance (VVS) has tanked. The DeFi coin is firmly within the bear market and the volatility within the broader market has solely made issues worse. However will issues begin to flip round quickly? Most likely not however listed below are some info to know:
VVS has fallen 85% from its November highs.
The coin was buying and selling at $0.00002232, up by round 2% for the day.
The downtrend is not going to reverse within the close to time period except sentiment in crypto shifts drastically.
Information Supply: Tradingview
VVS Finance (VVS) – what’s subsequent for the coin?
The drop in worth for VVS has come quick and sharply. It looks like a very long time in the past when the token hit all-time highs in November final yr.
Issues have actually been troublesome for VVS buyers. In truth, the coin is down almost 50% because the begin of February. Momentum indicators are all pointing downwards. For example, VVS stays decrease than a number of essential SMAs and the RSI additionally suggests a threat of a sell-off.
There’ll in fact be days the place there will likely be rallies. However within the medium time period, we do not anticipate a giant change within the worth. The very best factor proper now for buyers could be to attend till we begin seeing some indicators of worth consolidation. This will set off a bullish run that would push VVS above vital indicators.
Must you purchase VVS Finance (VVS)?
VVS really stands for Very Very Easy finance. The undertaking is solely attempting to make blockchain and crypto mainstream. It hopes to supply customers a extra simplified DeFi protocol the place anybody can use crypto.
This can be a noble gesture and it might ship nice outcomes. The truth that VVS is at round $230 million out there cap implies that we might but see extra positive aspects sooner or later.
The submit VVS Finance (VVS) stays in a bear market – Can the DeFi token flip round? appeared first on Coin Journal.