It has not been a particularly great time for companies involved in cryptocurrencies, blockchain technology, NFT and DeFi, which is why the price action in the ICOA Inc (OTCMKTS:ICOA) stock is perhaps not a complete surprise. However, it cannot be denied that the magnitude of the decline may come as a surprise for many investors.
Trading Data
On Monday, ICOA stock slid 11% to $0.0059 with more than 111.57 million shares, compared to its average volume of 134.46 million shares. The stock has moved within a range of $0.0050 – 0.0067 after opening trade at $0.0064.
ICOA Inc. signs MOU for soon-to-launch NFT platform with prominent artists, including Martha Saenz, at Expo 2020 in Dubai
Yesterday’s selloff in the stock resulted in a decline of 11% and that took the decline over the course of the past week to as much as 21%. In light of such a significant decline, it is perhaps time for investors to figure out if a rebound maybe around the corner or not.
As it happens, the company actually made a major announcement yesterday that investors could consider looking into. ICOA announced that it had inked a new memorandum of understanding with a range of well-known artists with regards to a new NFT platform.
ICOA is working on the development of the platform in collaboration with a range of industry level experts. It now remains to be seen if the prospect of such a platform leads to any kind of excitement among investors or not over the coming days.
Key Quote
“ICOA is pivoting into the new areas powered by blockchain, including NFTs and the Metaverse. Our partnership with Martha Saenz and other prominent artists – who will be tokenizing their work on our forthcoming NFT platform – is a ‘live’ example of our evolution into this exciting world that will open new opportunities for our investors,” comments Hadria Wong, CEO, ICOA.
Technical Data
ICOA stock is below the 20-Day and 200-Day Moving averages of $0.0075 and $0.0086 respectively. Moreover, the stock is trading below the 50-Day moving average of $0.0063. The stock is down 35% in the past month.
