The situation with the eWellness Healthcare Corporation (OTCMKTS:EWLL) stock was quite grim on Tuesday as the stock suffered from a significant selloff and ended the day with a decline of as much as 25%. The stock suffered yesterday after the company announced that it was making a change in its acquisition strategy.
Trading Data
On Tuesday, EWLL stock went down 25% at $0.0003 with more than 147.82 million shares, compared to its average volume of 160.86 million shares. The stock has moved within a range of $0.0003 – 0.0004 after opening trade at $0.0004.
Purchases 100% of ArtFin Inc.
The company noted that instead of the Hypochlorous Acid business belonging to Tritanium Lab, it was going to shift its focus to the potential acquisition of ArtFin Inc. It goes without saying that it was a major announcement from eWellness Healthcare Corporation but at the same time, it should be noted that investors were not particularly thrilled with the news.
The ArtFin is a marketplace for NFTs or non-fungible tokens and that is a space that has growth at a breakneck pace over the course of the year so far. Ed Honour, who had developed the marketplace, stated that the pivot of the company to this sector will prove to be a rewarding experience for shareholders of eWellness Healthcare Corporation. Despite the initial selloff in the stock on Tuesday, it may still be a good idea for investors to continue to keep track of the eWellness Healthcare Corporation stock in the coming days.
Key Quote
David Markowski, CFO of EWLL said, “We are very excited to be one of the early NFTs marketplaces with our own technology. Our pivot to this technology will maximize Ed Honor’s time in a much larger addressable market. The technology is funded, complete and ready to generate significant revenue. We will be applying to FINRA to complete our name change to ArtFin and eventually our already shareholder approved 1/2000 reverse split. We anticipate that these events should occur by the March 2022 time.”
Technical Data
EWLL stock is trading in the neutral zone as RSI stands at 42. The stock has pivot supports at 0.0002, 0.0002, 0.0003 and resistances at 0.0004, 0.0004, 0.0005. The stock is down 25% in the past month.
