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? In all probability not however listed below are some information 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 until sentiment in crypto shifts drastically.
Information Supply: Tradingview
VVS Finance (VVS) – what’s subsequent for the coin?
The drop in value for VVS has come quick and sharply. It looks as if 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. The truth is, the coin is down practically 50% because the begin of February. Momentum indicators are all pointing downwards. As an illustration, VVS stays decrease than a number of essential SMAs and the RSI additionally suggests a danger of a sell-off.
There’ll after all be days the place there will probably be rallies. However within the medium time period, we don’t count on a giant change within the value. The most effective factor proper now for buyers could be to attend till we begin seeing some indicators of value consolidation. This will set off a bullish run that would push VVS above necessary indicators.
Do you have to purchase VVS Finance (VVS)?
VVS truly stands for Very Very Easy finance. The mission 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.
It is a noble gesture and it might ship nice outcomes. The truth that VVS is at round $230 million available in the market cap implies that we might but see extra beneficial properties sooner or later.
The publish VVS Finance (VVS) remains in a bear market – Can the DeFi token turn around? appeared first on Coin Journal.