The downward spiral in the WonderFi Technologies Inc (OTCMKTS:WONDF) stock in recent days may have been a cause for alarm for its investors. The trend remained the same on Wednesday as the stock suffered from another selloff and went down by 4% as a consequence.
Trading Data
On Wednesday, WONDF stock slid 33.59% to $1.88 with more than 506k shares traded, compared to its average volume of 177k shares. The stock has moved within a range of $1.8800 – 2.3500 after opening trading at $2.13.
Recent News
The decline in the stock took the cumulative losses over the course of the past week to as much as 14%. The selloff in the stock on Wednesday came about after the company announced that it had signed a definitive agreement for the acquisition of the company First Ledger Corp. In this context, it should be noted that First Ledger is actually the parent company of the major cryptocurrency platform Bitbuy Technologies Inc.
In this regard, it is perhaps also necessary to note that Bitbuy is also the crypto marketplace that had been the first to have been approved for doing business in Canada. It is a major acquisition for Wonder-Fi considering the fact that the acquisition and integration are going to position the company as a full service platform for consumers who are looking to enter the crypto and decentralised finance space. It may be a good time to add the stock to your watch lists despite the recent decline.
Technical Data
WONDF stock is trading above the 20-Day and 50-Day Moving averages of $1.80 and $1.87 respectively. Moreover, the stock is trading above the 200-Day moving average of $1.65.
