The AMC share price has fallen off the radar of many traders but it may be about to punch through an important resistance level.
AMC entertainment was lifted recently by news that it would begin to accept cryptocurrency as payment for movie visits. AMC Theaters CEO Adam Aron tweeted that they would look to accept BTC, ETH and other altcoins such as BCH and LTC. A further statement went on to say that they would accept Shiba Inu within the next four months. The crypto pay model is somewhat of a gimmick as it is still early in the adoption process and AMC needs immediate help.
AMC delivered earnings that beat street estimates but the company said it lost $224 million, or 44 cents per share, on revenue of $763 million. The company has not seen the expected post-pandemic bounce due to the virus dragging on.
In the recent earnings call the company’s CEO also announced some random ideas for the future such as an AMC cryptocurrency with NFTs based on movies. Again, these seem like gimmicks to impress the meme traders, but another rally cannot be ruled out.
The AMC share price hit a high near $68 back in May and then dropped back to a low of $30. The stock has since been consolidating in a loose triangle with higher lows and lower highs. The stock dipped from the resistance that leads back to May in recent weeks but is testing that level again. A push higher here could see the stock rally to $52 with the next resistance level being the all-time highs around $60-70.
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