Since its launch in November 2021, VVS Finance prices have continued to drop. Today, the cryptocurrency price is 85 percent below what it was trading on November 24, 2021. VVS Finance’s, which stands for very, very simple finance, main aim is to bring cryptocurrency trading to the mainstream. The platform runs on the Cronos chain was launched last year and has since found usability in decentralized finance applications. Today, the project is ranked as the 237th most valuable cryptocurrency with over $230 million market capitalisation. Although the project is still new, it has shown promise, and many investors expect it to reverse the trend in the coming months.
VVS Finance has lost 48 percent of its value since February 11. The cryptocurrency has also been trading within a descending channel since February 12. Today, VVS Finance is trading at $0.000022. This is after gaining 2.2 percent in today’s trading session. Unfortunately for traders looking to invest in cryptocurrency, hoping it will go up in the future, my technical analysis indicates that the prices are likely to continue dropping.
This is based on the current volatility of the cryptocurrency, whereby, even though the prices are bullish today, it is still aggressively bearish in the long term. The recent gains are also a result of retracement and not a trend reversal. Another reason is that the cryptocurrency is currently trading near its all-time lows.
Therefore, it is likely that VVS Finance will continue setting new lows in the coming days, weeks, and months. However, there is a slight chance that today’s trading session bullish move may be a setup for a reversal. If that is the case, then my technical analysis will be invalidated. However, it will also mean that the prices have a likelihood of a bullish move.
This post was last modified on Mar 16, 2022, 15:58 GMT 15:58