CurrencyWorks Inc (OTCMKTS:CWRK) Stock Falls 25% In a Week: Company Launches NFT

Award winning blockchain platform providing company CurrencyWorks Inc (OTCMKTS:CWRK) has seen its stock take a major beating over the course of the past week and has declined by as much as 24% during the period. Considering the scale of the decline in the stock price, it may be a good time for investors to perhaps figure out if the stock is going to decline further or if it is going to make recovery.

Trading Data

On Tuesday, CWRK stock fell 3% to $0.16 with more than 38K shares, compared to its average volume of 163K shares. The stock moved within a range of $0.1489 – 0.1632 after opening trading at $0.1489.

CurrencyWorks’ MusicFX Launches NFT for Platinum-Selling Country Star Michael Ray

The company came into focus yesterday after it announced the details in relation to the Michael Ray #1 Country Music Airplay Commemorative NFTthat had been minted on the MusicFX platform.

It as a major new announcement from the company but it did not lead to any optimism among investors with regards to the CurrencyWorks stock. The stock continued to be in its downward move nonetheless. However, it ought to be noted that the launch of a new NFT could be seen as a positive news at this point in time. In addition to that, investors could also consider keeping an eye on the progress being made by the company in the coming days before making a decision about the stock one way or another.

Key Quote

“The MusicFX team is always looking at ways of elevating what we offer,” said Cameron Chell, Chairman of CurrencyWorks, and co-head of MusicFX. “Connecting with each artist’s individual community and creating something they will feel engaged with is a key part of our strategy. We’re adding real utility to our releases, and this is what these fans want to see.”

Technical Data

CWRK stock is trading below the 20-Day and 50-Day Moving averages of $0.18 and $0.21 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.47.