AMC stock has traded sideways for the past week. However, today’s trading session shows signs of a price resurgence, with AMC already up by more than six per cent. The current price increase has also wiped the previous two days’ price drops. The stock price is also looking highly likely to continue with the current trend and even close higher in today’s trading session.
The current price surge of AMC shares comes amidst the controversial investment in Hycroft mining. The mining company investment, which was completed last month, has left many questioning the movie-theatre investment in a mining company.
However, AMC has also had a few milestones this week, including allowing their US customer to pay for movie tickets using Dogecoin and other cryptocurrencies using the AMC mobile application. This is a move that is likely to see a surge in customers using cryptocurrencies. The company’s CEO, Adam Aron, announced via Twitter months after saying they were exploring crypto use when purchasing movie tickets.
Paying for a movie ticket using cryptocurrencies through their mobile application was also made relatively simple. It only involves simple steps such as choosing Bitpay as your payment method and then selecting the type of cryptocurrency you want to use. This move is likely to impact AMC prices in the market, resulting in another bullish move.
The AMC daily chart below shows today’s trading price rising by over six percent. However, the chart also shows that the cryptocurrency has been in an aggressive bearish move in the past few weeks that has resulted in a 45 per cent price decline. The prices are also trading below the Williams alligator, showing a lean on the bearish trend.
However, the current surge in price may be a trend reversal. If that is the case, I expect AMC stock price to continue with the upward trend in the coming days. As a result, there is a likelihood of the prices trading above the $20.34 long-term resistance level. This is especially true if the bullish trend continues with the same volatility shown in today’s trading session.
This post was last modified on %s = human-readable time difference 15:49