The FNGR Stock is in Bulls’ Control, Will the Domination Continue?

• The FingerMotion stock price has surged by over 253% in the last 6 years.
• The FNGR stock price has been sideways since July 2023.
• It has improved its Financial performance.

The FingerMotion Stock price has been sideways since the middle of July. It is facing strong resistance near the level of $7 and Support near the level of $4. In the last 6 months, the stock price has surged by over 253%. It signifies that the stock has been dominated by the bulls in this period.

The FingerMotion stock price has surged marginally like this in the month of September 2022. Within a period of 1 month, the stock has jumped by over 1440% and it is not an ordinary jump. However, the stock price has declined by about 90 from the highs till March 2023. 

FingerMotion has been doing well in its financial performance as the revenue. The net income also grew in the last 2 quarters of the year 2023. There is a rise of 150% and 86% (YOY) respectively in the revenue of the company in the last 2 quarters. The company has posted a decline of 12% and 91% (YOY) in loss in the previous 2 quarters. However, it has improved its performance by 12.37% and 91.28%.

A Glance on the FingerMotion Stock Price Chart 

FNGR Stock price has been rising with support of the Rising trendline, which is marked as yellow on the chart. However, it seems like the stock price has given chance to both buyers and sellers to dominate the price and make some gains. It follows a pattern, where the price will continue to rise in one way and then fall with the same. It has formed a bearish shooting star pattern near the resistance level in the previous trading session.

The FNGR stock is currently trading very close to the resistance level of $7.93 and it is trying to break that level. Another resistance level for the price is present at the level of $9.73. The trendline is currently placed at the level of $4.61, which can act as support for the price. Apart from that, the other support level for the price is present at the level of $3.88 and $1.05.

A Quick Glimpse of the Indicators

Exponential Moving Average

FNGR stock price is currently placed above the 50-day and 200-day Exponential Moving Average. It is a positive sign for the stock as the price is taking the support from the 50-day EMA. The slope of the EMA is downward to flat, which indicates that the price is rising but with a sideways trend.

Relative Strength Index

The Relative Strength Index is currently placed at the level of 52.55, which indicates that the buyers have gained momentum. However, along with the price the RSI is also curving sideways, which indicates that it is not favoring anyone.

Conclusion

The FNGR stock price has risen marginally and it seems like the price is sustaining at a higher level. If the price continues this upward momentum, it can face resistance near the level of $7.93 and $9.73. If it declines, it can slide toward the level of $3.88 and $1.05.

Technical Level

• Resistance – $7.93 and $9.73
• Support – $3.88 and $1.05

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.