Last month, we discussed pain in payments land with Dutch payments processor Adyen NV and U.S.-based PayPal treading water. 💳
Today, the focus was on Jack Dorsey’s Block, previously known as Square, after its Square and Cash App services were reportedly down throughout Thursday. Its news sent shares of $SQ lower by about 5% as they continue to trade at a key technical level. 📉
Technical analysts have highlighted the 50-60 price level as a major area of demand over the last six years, which is why it’s on investors’ and traders’ radars. Either the stock will find some support here and turn itself around. Or it breaks to fresh lows and continues its downtrend. 👀
Time will tell where it ends up, but the selling pressure on these stocks continues for now.