EU’s Approval Makes ATVI Price Bullish

Activision Blizzard, a member of the Fortune 500 and S&P 500, engages in developing and publishing content and entertainment services. It is one of the biggest video game companies in the world. Some of the legendary franchises of Activision Blizzard are Call of Duty, Candy crush saga, Diablo, World of Warcraft, Overwatch, and Hearthstone.

ATVI’s price is on a bullish move after forming a low of $74.50 on May 4, 2023. The price is headed toward the immediate resistance of $79.50 and started to rise above the significant EMAs. If the ATVI price can cross above the $79.50 level, there is a higher probability for the price to fill the gap and surge to $84. The yearly high of ATVI stock price resides at $87.

EU approves Microsoft’s takeover of Activision Blizzard

Microsoft received approval from European Union regulators on Monday to acquire gaming company Activision Blizzard for $69 Billion. The European Commission, EU’s executive arm, stated that Microsoft had offered remedies in the nascent cloud gaming area that have countered the Antitrust concern.

Consumers who bought or will buy an Activision game can stream these titles on any cloud gaming platform. The problem for Microsoft persists as both the United Kingdom and European Union previously had issues. However, Microsoft has provided remedies for the EU and received a green signal while Britain still blocks the takeover.

Despite the EU approval, Microsoft still has a challenging task of convincing rivals such as Sony and other regulators, including the U.S federal Trade Commission; Activision Blizzard’s takeover will not harm competition.

WIll ATVI price cross $79.50 level?

RSI trades at 45.97 and will soon cross the 50 mark. Price showed a reversal of trend after reaching the oversold zone. The Chaikin money flow score is -0.09, indicating that ATVI is slowly recovering from its downfall on April 26.

CMF has come up after reaching the low of -0.25. The bands of Bollinger have outstretched, indicating a high volatility period in the market. ATVI price is headed towards the upper band near the yearly highs. If ATVI price continues to stay bullish, traders might expect the price to cross all-time highs in the year 2023.

Conclusion:

The market structure and price action are bullish for Activision Blizzard after the EU approval for the Microsoft Acquisition. The technical parameters are turning bullish for the ATVI price. Microsoft needs to win over Sony and the U.S. Federal Trade Commission to win the deal. FTC has also shared views with the EU several times; let’s see how Microsoft can convince the remaining parties.

Technical Levels:

Major support: $74.50 and $71.50

Major resistance: $84 and $79.50

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.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing