The Supply@Me share price has been in a tight range in the past few days as investors wait for the next catalyst. SYME shares were trading at 0.090p, which was slightly below this month’s high of 0.1862p. It has crashed by more than 90% from its all-time high, bringing its total market cap to about 41 million pounds.
Supply@Me is a small fintech company that provides an end-to-end inventory monetization model to companies in all industries. The company helps to fund inventories through various ways such as equity and debt. It has also introduced shariah-compliant financing tools.
The Supply@Me share price has erased most of the gains it made last week when the company said that it had completed its inaugural inventory monetization transaction. This deal was in partnership with the VeChain Foundation. The firm entered into a transaction with the client company as the intellectual property owner and the platform provider. It will then charge a servicing fee.
According to the statement, the client will then use the technology to upload inventories. It will also use the technology provided by VeChain to mint NFTs in the ecosystem.
So, is SYME stock a good investment? In my view, I believe that Supply@Me is a highly complicated company to invest in. As such, it is really difficult to recommit as a long-time investment. Besides, the company’s growth is not all that attractive. It also has substantial losses. The most recent annual report showed that the company lost $10 million in 2021.
The daily chart shows that the SYME share price has been in a string bearish trend in the past few months. This decline saw it fall to a low of 0.0592p in May. The shares have moved slightly below the 25-day and 50-day moving averages while the Awesome Oscillator has moved below the neutral level.
Therefore, there is a likelihood that the Supply@Me share price will continue falling as sellers target the YTD low of 0.058p. This price is about 34% below the current level. A move above the resistance level at 0.1050p will invalidate the bearish view.
This post was last modified on %s = human-readable time difference 10:07