The company’s stock started rising during the pre-market yesterday.Cybersecurity has become an important aspect in business considering everything is going digital. Companies are providing solutions against threat actors trying to corrupt the networks. CrowdStrike Holdings Inc (NASDAQ: CRWD), a cybersecurity solution provider, saw their stock rising in the pre-market, changing hands at $126.05 at the publication time.
Cybersecurity is a Key Business Enabler
Recently, the company released Managed Extended Detection and Response (MXDR) service tailored to fill cybersecurity gaps. Previously, they introduced XDR platform to stop breaches associated with extended internet of things (XIoT), Falcon Insight for IoT.
The Internet of Things sector is a rapidly growing market with experts believing that almost all digital devices will be connected to each other in some way as technology advances. Number of IoT devices is expected to surpass 13 Billion by 2022 according to Statista, a data aggregator. Though the exact number for the year has not yet been revealed.
A recent report by the World Economic Forum (WEF) in collaboration with Accenture Group sheds some light on the current state of global cybersecurity. It says the emerging technologies are being implemented at a faster pace. 39% of business leaders believe ‘cybersecurity is a key business enabler.’
Furthermore, the report says that global regulations also affect cybersecurity. With the advancement of digitization, companies now deem cybersecurity as one of the pillars in their operations. A small breach can lead to a massive blow to an organization’s data. The SolarWinds hack, Operation Aurora and more are a few examples of prominent data breaches.
17% of the company executives are concerned about the cyber resilience in their businesses. Moreover, there’s a talent gap in the market that needs to be filled. Data shows that there was a 2.27 Million shortfall in supply and demand of cybersecurity experts. It highlights businesses are required to expand their talent pool.
CRWD Stock Price Analysis
CrowdStrike shares have followed a downtrend since August 2023, losing almost half of the value. Fibonacci retracements show the price recently retraced from 0.382 levels. Currently, the value appears rising with a possibility of rebound if it reaches near $129.
True strength index (TSI) is below the signal line, indicating a potential downfall in share price. However, the vortex indicator (VI) shows VI+ has started moving above VI-, highlighting a possibility of an uptrend. Additionally, commodity channel index (CCI) has repeatedly crossed the overbought threshold considering CRWD stock has followed an uptrend since the year’s beginning.
A short downfall may appear in the coming days, however, the stock might not leave the upward trajectory in the long run. Currently, the price holds support around $121 and a resistance near $129.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
