Publicly traded Nevada based company ICOA Inc (OTCMKTS:ICOA) has continued to remain in a downward spiral over the past week and the trend continued on Thursday. The selloff in the ICOA stock continued unabated yesterday as the stock tanked by as much as 20% and thereby took its losses for the past week to a staggering 45%.
Trading Data
On Thursday, ICOA stock slumped 20% to $0.0052 with more than 374.59 million shares, compared to its average volume of 83.73 million shares. The stock has moved within a range of $0.0046 – 0.0074 after opening trade at $0.0070.
Announces Launch Of NFT Program
The company, which is involved in the wired and wireless internet industry, is currently working on entering the crypto, blockchain, NFT (non-fungible token) and Decentralised Finance industries through a range of acquisitions. Yesterday, ICOA was in the news after it announced that it had started a new programme with the Transforming Education Donor Fund and ScholasOccurrentes.
The initiative is aimed at supporting a mission of providing educational services all over the world. While the initiative from the company is a noble one, it did not lead to any great enthusiasm from the investors and hence, the ICOA stock suffered from a selloff. The company reached an agreement with ScholasOccurentes to turn two paintings into tokens and distribute them. It remains to be seen if the tokens garner any kind of reasonable demand. At this point, it remains to be seen if the stock can bounce back any time soon.
Key Quote
“Everyone at ICOA is honored to partner with such an important platform and organization such as the Transforming Education Donor Fund and the Scholas Occurentes to help them raise money to further their mission of promoting education around the world. This partnership will kickstart the launch of our NFT platform, and we are excited to enter this booming field as we see great value in building this expertise within our company” said Hadria Wong, CEO of ICOA Inc.
Technical Data
ICOA stock is trading in the oversold zone with RSI at 28. The stock has pivot supports at 0.0013, 0029, 0.0041 and resistances at 0.0069, 0.0085, 0.0097. The stock is up 30% in the past 3-month.
