Why Did Asia Broadband Inc (OTCMKTS:AABB) Stock Soar 29% Friday?

Last Friday, Asia Broadband Inc (OTCMKTS:AABB) was in prime focus among investors and the company’s stock was one of the major movers as it ended the day with gains of as much as 29%. Despite the gains made by the stock, it is perhaps important to remember that there was no material news about the company which could have led to such gains.

Trading Data

On Friday, AABB stock jumped 28.64% to $0.0795 with more than 28.91 million shares, compared to its average volume of 10.11 million shares. The stock moved within a range of $0.0620 – 0.0813 after opening trade at $0.0620.

Asia Broadband Sets September Launch Date for Proprietary Cryptocurrency Payment Solution

That being said, it may well be a good time to take a closer look at an announcement that was made by Asia Broadband back on August 25, 2022. At the time, the company announced that it was going to release its proprietary cryptocurrency payment processing product PayAABB on September 7, 2022.

Considering the fact that the product is going to be launched tomorrow, the latest gains may have been linked to that forthcoming launch. At this point in time, it is going to be interesting to see if the stock gains traction among investors over the course of the coming days or not.

At the time, the company had announced that the integration and testing of the product was in the final stages and it was being done in collaboration with Asia Broadband’s digital asset developer.

Technical Data

AABB stock is trading above the 20-Day and 50-Day Moving averages of $0.0598 and $0. 0625 respectively. However, the stock is trading below the 200-Day moving average of $0. 1040. The company has a total market capitalization of $196.28 million. The stock is up 31% over the past month.