Vinco Ventures Stock News and Forecast: Why has BBIG been surging?

Vinco Ventures stock rallies hard on Friday as momentum returns.
BBIG stock has put in three straight days of strong gains.
Vinco Ventures shares spiking on retail speculation over Cryptide spin-off.

Ivan Brian FXStreet

Shares in Vinco Ventures (BBIG) remained strong on Friday as the stock continued to build on a bullish week. BBIG stock was up 23% on Wednesday and followed on with another 23% gain on Thursday. Friday was a more modest 15% gain, but this has seen the stock move from $2.28 on the open on Monday to close at $4.07. This amounted to a strong weekly gain of 76%. To put things into context, note this one is highly volatile and shows a 50% loss over the last three months.

Vinco Ventures Stock News

Vinco was caught up in the meme stock madness last year and ended up spiking to over $12 as recently as September last year. Vinco Ventures is a tech company that looks to buy or invest in the latest tech consumer products. This has led it to invest in crypto-related assets, non-fungible token (NFTs) ventures, as well as other areas in the blockchain. Basically, it is looking to jump into the next hot technology space. Nothing wrong with that, just know that as a result it is a highly speculative stock, so manage your risk accordingly.

The latest spike appears to be down to talk over a spin-off of Vinco’s Cryptide subsidiary. Cryptide is due to launch under the ticker TYDE, but as of yet no date has been set. However, social media chatter increased last week and that appears to be behind the move in BBIG shares. TYDE was trending across numerous social media sites. Social media users were citing employee hires for Cryptide as well as other news. From our own trawl, FXStreet sees nothing past the last SEC filing from November, so we urge caution.

Vinco Ventures Stock Forecast

BBIG stock has now moved strongly up to an area of pretty strong resistance, so more gains might be hard to push through. BBIG stock is now sitting on its 200-day moving average and also a high volume zone. The Relative Strength Index (RSI) is now also looking close to overbought. It is by most metrics overbought at 70, but we prefer to encounter 80 for a more definite overbought signal. Either way, it is looking stretched.

Support is from the previous high of $3.61 back in mid-December. Then $3 offers further support since it is the 9-day moving average and the breakout point of the downtrend. Below $3 and this move is over, and it is back to being bearish technically. If BBIG can hold these gains, then $5 is the first target. This is the 100-day moving average and the next high volume zone once $4 is broken.

Vinco Ventures (BBIG) stock chart, daily

Like this article? Help us with some feedback by answering this survey:

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

EUR/USD holds losses below 1.1850 ahead of FOMC Minutes

EUR/USD stays on the back foot below 1.1850 in the European session on Wednesday, pressured by renewed US Dollar demand and reports that ECB President Lagarde will step down before the end of her term. Traders now look forward to the Minutes of the Fed's January monetary policy meeting for fresh signals on future rate cuts.

GBP/USD defends 1.3550 after UK inflation data

GBP/USD is holding above 1.3550 in Wednesday's European morning, little changed following the UK Consumer Price Index (CPI) data release. The UK inflation eased as expected in January, reaffirming bets for a March BoE interest rate cut, especially after Tuesday's weak employment report.

Gold retains bullish bias amid Fed rate cut bets, ahead of Fed Minutes

Gold sticks to modest intraday gains through the early European session, reversing a major part of the previous day's heavy losses of more than 2%, to the $4,843-4,842 region or a nearly two-week low. That said, the fundamental backdrop warrants caution for bulls ahead of the FOMC Minutes, which will look for more cues about the US Federal Reserve's rate-cut path.

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.