Life Clips Inc (OTCMKTS:LCLP) Stock Sees Selling Pressure At Higher Level

In recent times, Life Clips Inc (OTCMKTS:LCLP) has emerged as an option for investors who are looking for opportunities in the cryptocurrency space. However, the stock did not perform well last week and ended up with a decline of as much as 28% for the period.

Trading Data

On Thursday, LCLP stock gained 2.52% to $0.0122 with more than 23.95 million shares, compared to its average volume of 31.18 million shares. The stock has moved within a range of $0.0106 – 0.0130 after opening trade at $0.0118.      

MoU With Chennai City Football Club

That being said, it may be a good move at this point for investors to take a look at a major announcement made by the company last Thursday. The company announced that its subsidiary unit BelfrcsBT signed a Memorandum of Understanding with KPR Info Solution and Chennai City Football Club.

At this point in time, BelfricsBT is included among the major names when it comes to blockchain platforms. As per the provisions of this new collaboration with Chennai City Football Club, BelfricsBT is going to be involved in using its technology expertise for the purpose of creating an NFT product for the football club.

NFTs have emerged as a major new force in the blockchain industry and the collaboration with a major football club is a major development for BelfricsBT. However, it now remains to be seen if the Life Clips can rebound this week and clear some of the declines from last week.

Key Quote

Speaking on this unique initiative, Praveen Kumar, Founder & CEO Belfrics Group, said, “The disruption in the sports industry with the help of blockchain solutions is opening up multiple revenue streams for Sports Clubs across the world. This solution will allow sports and club management to create and control digital assets, improving the player effectiveness and club’s operations and revenue. Sports clubs have seen a tremendous rise in India over the past 5 years with billion-dollar leagues in Football, Cricket, and Kabaddi. The global sports ecosystem open for blockchain adoption is valued at $22 Billion as of 2021 of which India has a market share that is worth $796 Million. We are looking at disrupting this sector with the help of our innovative blockchain solution.”

Technical Data

LCLP stock is trading below the 20-Day and 50-Day Moving averages of $0.0175 and $0.0230 respectively. Moreover, the stock is below 200-Day moving average of $0.0176.