Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
When PayPal Holdings Inc. (NASDAQ:PYPL) reported a first-quarter 2021 earnings beat on May 5, CEO Dan Schulman said in a conference call that cryptocurrency had contributed to the company’s strong growth.
Cryptocurrency increased user engagement within the PayPal app, with over half of its users are now logging in daily to check the fluctuating prices of their crypto investments, the CEO said.
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Schulman also discussed the company’s plans to roll out a "next-general digital wallet" in the third quarter. On the day of PayPal's earnings print, Bitcoin (CRYPTO: BTC) was trading beween around $53,00 and $57,000.
Bitcoin subsequently lost 50% of its value between May 10 and May 19, and traders and investors are watching how companies that have adopted Bitcoin and other cryptocurrencies into their business models will hold up during wild fluctuations.
So far, PayPal's stock has withstood Bitcoin’s downturn and is trading in the same range it was prior to Bitcoin’s crash.
See Also: How to Buy PayPal Holdings Inc. Stock Right Now
The PayPal Chart: PayPal fell into a lengthy consolidation after making an all-time high Feb. 16 of $309.14.
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In its consolidation, PayPal stock has set up a symmetrical triangle on the daily chart, and on Tuesday it attempted to break bullish from before rejecting the top sloping line of the triangle and a resistance level at $259.40.
The stock is set to meet the apex of the triangle on June 30, and if the pattern is recognized, it should break from it on or before that date.
PayPal’s stock is trading above both the eight-day exponential moving average and the 21-day EMA. On Tuesday, the eight-day rose up to meet the 21-day EMA, which is bullish.
The eight-day EMA is curling upward, and with continued upwards momentum the eight-day EMA will cross above the 21-day EMA, which will give bulls more confidence going forward.
Bulls want to see another strong bullish volume break PayPal’s stock up out of the triangle and over resistance at the $259 area. If PayPal can regain that level as support, it has room to trade back up toward $274.
Bears want to see PayPal drop back down toward the bottom of the triangle and for the stock to lose support of the eight-day and 21-day EMAs. Bears would then like to see a bearish break downward from the triangle. If PayPal’s stock were to lose the support of the triangle’s lower sloping trendline PayPal could drop down toward the $230 level before bouncing.
PYPL Price Action: Shares of PayPal were trading 1.09% higher at $261.48 at last check Wednesday.
Photo courtesy of PayPal.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.