Crypto Whales Are Loading Up — Are You?
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Square Inc. (NYSE:SQ) shares spiked higher Monday after Jack Dorsey, CEO of both Square and Twitter Inc. (NYSE:TWTR), stepped down from his position at Twitter.
Square stock has been falling the past few weeks, but now looks to be rebounding back. Shares were up 0.9% at $214.02 at press time.
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Square Daily Chart Analysis
- The stock looks to have bounced near support and started pushing back higher in a sideways channel.
- The $280 price level is an area where the stock has struggled to cross above in the past and holds as resistance. The $200 level is an area of support it recently held and has held multiple times in the past. These levels may continue to hold until one is broken.
- The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue), indicating the stock is likely facing a period of bearish sentiment.
- Each of these moving averages may hold as a potential area of resistance in the future.
- The Relative Strength Index (RSI) has been falling lower the past couple of months and now sits at 34. This nears the oversold area beginning at 30 through 0 on the indicator. The RSI of 34 shows the stock is seeing much more selling pressure than buying pressure.
What’s Next For Square?
Bullish traders want the stock continue to bounce higher and begin to form higher lows. If able to form higher lows, the stock may head toward resistance. Bulls are then looking to see the stock break above resistance.
Bearish traders want to see the stock continue to fade lower and for the stock to stop making upward movement. Bears would like to see the stock continue to fade lower and break below the $200 level. If this level can turn into an area of resistance, it may hint the stock is ready for further bearish moves.
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.