- PayPal stock price broke above the bearish channel.
- The 200-day moving average is acting as an important bullish barrier during the recovery.
- On November 11, the NASDAQ: PYPL stock fell by 3.14% and closed at the mark of $87.04.
PayPal stock price action was caught by the buyers near its yearly support levels. On November 3rd, investors met with the Q3 results of NASDAQ:PYPL and afterwards the price of the digital asset was steadily rising towards the conceptual round level of $100. This key level stood as a selling zone, with buyers often finding higher price rejections at this level.
Recently, investors met the quarter 3 results of Paypal Inc. in this report. The revenue has increased 10.7% at $6.85 Billion as well as the net income bounce back and recorded $1.33 Billion along with 22.36% hike as per google finance. This favorable fact has been driving the bullish trend of NASDAQ: PYPL.
The Paypal stock price seems under buying pressure for the past several days. This sharp rally started on 4 November, buyers became aggressive after seeing the dragonfly doji candle on daily price scale. Resulting in buyers reclaiming 21.08% cost last week.
In the letter of 11 November, NASDAQ: Paypal stock price fell 3.14% and closed at $87.04 mark. This week, share price continuously drew the third red candle so far, because the 200 Day moving average acts like a vital bullish hurdle while recovery. Bulls must break this level to avoid any sharp decline.
RSI indicator curved towards the semi-line and below this level bears may drag the Paypal stock price below 20 DMA. in contrast, MACD is approaching the neutral zone but histogram is falling down and showing slightly weak strength in share price.
Conclusion
Just above the 100 day moving average, buyers are trying to hold Paypal stock price above this level and below this key support level, buyers may witness a sharp decline. But after the Q# results, the price trend turned bullish, and hints the conceptual round level as a next stop of buyers.
Support level – $80 and $70
Resistance level – $100 and $125
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/11/17/paypal-stock-price-q3-results-continue-pypls-bullish-trend-key-support-100-dma/