After surging to new highs in November last year, VVS Finance (VVS) has tanked. The DeFi coin is firmly in the bear market and the volatility in the broader market has only made things worse. But will things start to turn around soon? Probably not but here are some facts to know:
-
VVS has fallen 85% from its November highs.
-
The coin was trading at $0.00002232, up by around 2% for the day.
-
The downtrend will not reverse in the near term unless sentiment in crypto shifts drastically.
Data Source: Tradingview
VVS Finance (VVS) – what’s next for the coin?
The drop in price for VVS has come fast and sharply. It seems like a long time ago when the token hit all-time highs in November last year.
Things have really been difficult for VVS investors. In fact, the coin is down nearly 50% since the start of February. Momentum indicators are all pointing downwards. For instance, VVS remains lower than several crucial SMAs and the RSI also suggests a risk of a sell-off.
There will of course be days where there will be rallies. But in the medium term, we don’t expect a big change in the price. The best thing right now for investors would be to wait until we start seeing some signs of price consolidation. This may trigger a bullish run that could push VVS above important indicators.
Should you buy VVS Finance (VVS)?
VVS actually stands for Very Very Simple finance. The project is simply trying to make blockchain and crypto mainstream. It hopes to offer users a more simplified DeFi protocol where anyone can use crypto.
This is a noble gesture and it could deliver great results. The fact that VVS is at around $230 million in the market cap means that we could yet see more gains in the future.