BBIG Stock News: Vinco Ventures Inc falls again and extends losing streak to five

NASDAQ:BBIG just cannot stop the downward momentum right now, no matter how positive retail apes are about the future of the stock. Shares of Vinco Ventures fell a further 5.02% on Thursday and closed the trading session at $6.24. The broader markets rallied for a second straight day on Thursday, as each of the major U.S. indices were up more than 1.0%. The Dow Jones led the way adding 506 basis points, while the S&P 500 rose by 1.21%. Two key catalysts sent global markets higher: the belief that China will bail out Evergrande and the Chinese real estate market, and the Federal Reserve citing that it will continue with stimulus policies for the time being. 

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The move lower for Vinco Ventures marked the fifth straight trading session that the stock has dropped. Shares have fallen over 25% during that period, as all previous levels of support are being broken. The three-week low of $5.93 which the stock bounced off of yesterday may be acting as the last level of support before another move lower. Interest in the stock is waning, as can be seen by the markedly bearish sentiment on social media, as retail investors eye their next short squeeze target. 

BBIG stock forecast

Vinco Ventures is trying to entice more retail investors by cashing in on the current NFT craze that is hitting the cryptocurrency markets. With its numerous subsidiaries that operate in the NFT or Non-Fungible Token space, Vinco Ventures is setting itself up to go big or go home on this industry bubble. How will this turn out in the long run? Over the past week the market is telling us that it doesn’t have high hopes for the blockchain-based company.