Vinco Ventures (BBIG) Stock News and Forecast: How far can Vinco go?

Vinco Ventures (BBIG) stock did it again on Tuesday as the stock put in its fifth straight day of gains and its fourth consecutive day with gains of over 15%. The shares have spiked from just over $2.45 to yesterday's close at $5.19. 

Vinco Ventures Stock News

The move is basically a continuation of the surge that began last week. Traders on social media began circulating news that the proposed Cryptyde spinoff was imminent. Screenshots of supposed LinkedIn hires were circulated, and then the rallying call around squeezing short positions further added to the momentum.

Vinco Ventures is a tech holding company that has an interest in social media, blockchain and crypto related entities. The proposed spin-off of Cryptyde will see holders in BBIG stock receive a special dividend in Cryptyde shares. Cryptyde is due to trade under the ticker TYDE, according to the latest SEC filing, which was back in November. For every 10 shares of BBIG investors will receive 1 share in TYDE. We still do not see anything more concrete than that last filing back in November. 

Volume picked up again on Tuesday, reaching nearly 72 million shares traded. This is a doubling of the previous day and well above the long-term average for the stock. For most of the year, the volume of shares traded has been less than 10 million. 

Vinco Ventures Stock Forecast

Vinco shares have retraced back to a resistance area from $4.50 to $5,50. This is a volume-based resistance area from November of last year. Above $5.50 there is a volume gap and a price gap until nearly $6. The move on Tuesday has created it own gap, and holding above the 200-day moving average at $4.10 is key. We see this as the new short-term bullish pivot point. Break this and it is likely back to $3.61. We also note the RSI is strongly overbought at 80.

BBIG chart, daily

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