The global pace of change continues to accelerate, and it’s becoming increasingly clear that staying ahead of the competition is necessary. Tech giants have recognized this by highlighting the emerging and evolving metaverse. Meta (NASDAQ: META) has recently shifted their focus from their well-established social media platforms to leverage this cutting-edge technology.
Nokia (NYSE: NOK), the Finnish telecom and IT corporation, has just added to this trend with an exciting new announcement about how they plan to incorporate the metaverse into their business model in a three-phased strategy unleashing a new brand logo.
Nokia: Connecting People in The Metaverse
At the publication time, NOK stock was changing hands at the market price of $4.58. In a blog post by Pekka Lundmark, the company’s president, and CEO revealed the new logo alongside other essential details. In addition, he said that they are changing their operating model.
He wrote, “Our updated company strategy is supported by our technology strategy, which details how networks will need to evolve to meet the demands of the metaverse era.” This time, Nokia wants to go beyond ‘connecting people.’ The company is already revolutionizing the world with its amazing technology.
The telecom giant recently launched a DIY repairable smartphone, reported The Guardian. The launch concerns the users to fix their gadgets using a handy guide. In addition, Nokia has changed its logo after nearly 60+ years. The motive is to elucidate their transition to a superior signal strategy.
People still see Nokia as a successful mobile brand that revolutionized how humans communicate on phones. But there’s more to it, Pekka explained to Bloomberg in an interview that their core focus will be on networks and digitalization, a whole different concept from legacy mobile phones. Moreover, the latest blog post highlighted that user reliance on connectivity would require the integration of traditional networks with cloud services.
NOK Stock Price Action
The company’s recent quarterly earnings have remained positive, with Nokia registering over $8 Billion in revenue. The chart shows a reversed megaphone-like pattern, indicating decreasing volatility over time.
Average true range points are the same. Moving average convergence divergence shows a slight dominance of sellers in the market, but we may see a reversal after the latest announcement.
Furthermore, Fibonacci retracement shows the price has entered 0.618 divine proportion, sustaining a support level of around $4.48 and a resistance at $4.60. The big news may prove much bigger for the NOK stock considering the company has offered new opportunities to give a push in the global metaverse development.
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.
Source: https://www.thecoinrepublic.com/2023/02/27/nok-stock-analysis-amendments-might-help-nok-for-2023-rally/