After hitting new highs in November last year, VVS Finance (VVS) has declined. The DeFi token is firmly in a bear market and the volatility in the broader market has worsened the situation. But will things soon turn around? Probably not, but here are some facts to know:
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VVS is down 85 per cent from its November highs.
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The coin was trading at $0.00002232, up almost 2% for the day.
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The downtrend will not reverse in the short term unless there is a drastic change in sentiment in crypto.
Data Source: Tradingview
VVS Finance (VVS) – What’s next for the coin?
The price drop of VVS has come faster and faster. It seems like a long time ago when the coin hit an all-time high in November last year.
Things have been really tough for VVS investors. In fact, the coin is down almost 50% since the beginning of February. The momentum indicators are all pointing down. For example, the VVS remains below several important SMAs and the RSI also suggests a sell risk.
Surely there will be days when there will be rallies. But in the medium term, we do not expect any major price change. The best thing for investors right now is to wait until we start seeing some signs of price consolidation. This could trigger a bullish move that could push VVS above the key 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 provide users with a more simplified DeFi protocol where anyone can use crypto.
This is a noble gesture and it can give good results. The fact that VVS has about $230 million in market cap means we may see more gains in the future.
VVS Finance (VVS) Post-Market Remains Bearish – Could DeFi Tokens Change? The coin appeared for the first time on the journal.