In the past week, the Asia Broadband Inc (OTCMKTS:AABB) stock has been in the middle of a major selloff and during that period, the stock tanked by as much as 9%. In this context, it may be a good idea for investors to perhaps consider taking a look at the announcement from the company last week on February 22.
Trading Data
On Friday, AABB stock gained 1.22% to $0.0911 with more than 5.32 million shares traded, compared to its average volume of 30.03 million shares. The stock moved within a range of $0.0899 – 0.0971 after opening trading at $0.0917.
Asia Broadband Enters High Growth NFT Market to Accelerate Digital Asset Expansion
The company announced on the day that it had made a move to get into the non-fungible token or NFT space with the view of making fast moves so as to expand its digital asset offerings. It goes without saying that it was a major new announcement from the company but investors did not seem to be particularly enthused about it at all.
Despite the poor performance of the stock it is necessary to note that the company enjoys the advantage of having the necessary infrastructure to process NFT transaction in all its marketplaces.
It has also been involved in discussions for the purposes of creating NFT marketplaces across a range of domains. It is going to be interesting to see if the Asia Broadband stock can make a recover this week after the poor performance over the past week.
Technical Data
AABB stock is trading below the 20-Day and 50-Day Moving averages of $0.1022 and $0.1384 respectively. Moreover, the stock is below the 200-Day moving average of $0.1405.
