BBIG Stock News: Vinco Ventures Inc posied for tes of hourly highs

Update, Tokyo: BBIG stock pulled back in a mean reversion of the hourly rally on Thursday and is poised for another bullish attempt to clear the hourly highs of $9.40c. From a daily perspective, the M-formation is compelling with the neckline a likely target for the bulls near $9.63. With that being said, there are prospects of a daily bearish head and shoulders on failures beyond the neckline which likely means a period of choppy trade over the coming sessions. On the downside, the 4-hour support comes at $7.60 that guards $6.90.

Update: BBIG shares closed over 2% higher on Thursday but had been higher in the first half of trading but slid as the session went on. The stock touched a high of $9.40. The shares remain highly volatile so caution is needed when trading them as is evidenced by them falling by 4% in the after market.

NASDAQ:BBIG needed a catalyst in order to find support after the stock fell by 7.0% and 17.0% respectively to start the week. On Wednesday, shares of BBIG gained 2.52% and closed the trading session at $8.15. The catalyst in question was that Wednesday marked the ex-dividend date for BBIG shareholders where they would receive shares of the company’s spin-off brand Cryptyde. The spin-off is not yet publicly traded, but Vinco Ventures does fully intend on taking Cryptyde public in the near future. The move higher came on a day where all three major indices powered higher, with the NASDAQ gaining 0.82% and the Dow Jones rebounding by 236 basis points.

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While Cryptyde and iconic meme stock GameStop (NYSE:GME) both paced the meme sector on Wednesday, WallStreetBets had another ticker symbol at the top of their list. The most commonly used ticker in the Reddit forum on Wednesday was data analytics giant Palantir (NYSE:PLTR), and shares rose by 3.12% during the session. It was a strong showing for Palantir which has steadily climbed over the past month after consolidating for the better part of 2021. 

BBIG stock forecast

One of Vinco Ventures’ high profile competitors, OpenSea, is under fire on social media on Wednesday. The platform allows users to buy and sell NFTs, and is one of the sites of choice for the NFT industry. But on Wednesday it was revealed that a high-ranking insider was using the platform to buy and sell prominent NFTs to himself, using insider information to turn a profit. The security gap is just another reminder of how early we are in the NFT revolution, and that there are going to be plenty of speed bumps along the way.