Resistance

Time

<ul class="list-ic vertical">
 <li><span>1</span> <a>Sellers have gained momentum and looked aggressive in the past few sessions.</a></li>
 <li><span>2</span> <a>Price is struggling to escape the key resistance levels.</a></li>
 <li><span>3</span> <a>Block stock is currently trading at $40.02 with an intraday drop of 3.98% and a current market cap of $24.415 Million.</a></li>
</ul>
<p>Block, a fintech company, was founded in 2009 by Jack Dorsey and Jim McKelvey. It is a public company that is traded on the New York Stock Exchange under the symbol SQ. Block has several businesses, such as Square, Cash App, Afterpay, Weebly, and Tidal. These businesses help small and medium-sized businesses accept payments, manage their sales, get loans, create websites, and stream music. They also help people send and receive money, buy and sell stocks and Bitcoin, and pay later for online purchases.</p>
<h2 class="wp-block-heading" id="strong-reading-the-block-stock-charts-strong"><strong>Reading the Block Stock Charts</strong></h2>
<p>Block stock price is facing strong bearish pressure on the daily technical charts as it is below the 100 and 200-day EMAs. The stock failed to break above its key resistance levels near the EMAs over the past few months, despite several attempts by the buyers.&nbsp;</p>
<p>At press time, Block stock was trading at $40.02 with an intraday loss of 3.98% breaking below the 200-day EMA, showing bearishness on the charts. Moreover, the intraday trading volume declined by 19.873 Million, which is more than the average 10-day volume of 12.354 Million. The market cap of Block stock is $24.415 Billion.</p>
<p>The stock has a potential upside target of $65, but it needs to overcome the bearish momentum and surge above the 200-day EMA. The stock has a support level of $33.33, which could prevent any further drop.&nbsp;</p>
<p>Block price prediction highlights the firm grip of the bears and needs to show signs of a reversal before confirming a bullish trend. Technical indicators favor the bears projecting a pessimistic perspective for the buyers. RSI and stochastic RSI oscillators are moving towards the overbought zone whereas the major EMA lines are acting as barrier points for <a href="https://www.thecoinrepublic.com/2023/10/01/sq-stock-will-downfall-in-block-stock-take-halt-in-october/" rel="noopener noreferrer nofollow">SQ price.</a></p>
<p>The company’s performance has been dismal throughout the year. It has suffered negative returns of 39.64% in the year-to-date period, 33.11% in the last six months, 11.58% last month, and 10.10% last week. This shows a persistent bearish trend that has not reversed yet.</p>
<h2 class="wp-block-heading" id="strong-indicators-analysis-of-block-stock-price-in-1-d-time-frame-strong"><strong>Indicators Analysis of Block Stock Price in 1-D Time Frame</strong></h2>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/xctE1-Wk8yqI_GxuBfS2mYn9WbnqkEhQFOP_mg86fgsHjKGzmqL-7qPV9OJVpyTA7eZ7tSdb5FafZ-5SmbXr7J-Qi6UD41Zum9xVhxBq_lyswJCtIQMw_LYfelSdG6Hx0FEo9oyE1RupocuvXsDdOS0" alt="Block Stock: SQ Stock Bullish and Bearish Arguments for 2023-24">
  <figcaption class="wp-element-caption"><a href="https://www.tradingview.com/chart/vVtQEsVt/?symbol=NYSE%3ASQ" rel="noopener noreferrer nofollow">SQ/NYSE Chart by TradingView.</a>
  </figcaption>
 </figure>
</div>
<p><a href="https://www.thecoinrepublic.com/2023/10/01/sq-stock-will-downfall-in-block-stock-take-halt-in-october/" rel="noopener noreferrer nofollow">Block stock (NYSE: SQ)</a> is trading under the 50 and 200-day daily moving averages (DMAs), which are not upholding the price trend.&nbsp; The current value of RSI is 31.86 points. The 14 SMA is above the median line at 39.58 points which indicates that the Block stock is bearish.&nbsp;</p>
<p>The MACD line at -1.96 and the signal line at -2.01 are below the zero line. The bearish crossover signals more bearishness for the SQ stock price.</p>
<h2 class="wp-block-heading" id="strong-short-time-horizon-analysis-strong"><strong>Short Time Horizon Analysis</strong></h2>
<p>Block stock has been under selling pressure and has declined on the short-term chart. The price fell below the key EMAs, indicating further weakness. The technical indicators are also bearish, as the RSI is near the oversold level at 30. The MACD shows red bars and a bearish crossover. These are signals that the stock may face more correction.</p>
<h2 class="wp-block-heading" id="strong-weekly-time-horizon-analysis-strong"><strong>Weekly-Time Horizon Analysis</strong></h2>
<p>The weekly charts of Block stock reveal that the sellers have been dominant. The stock has been on a downtrend, as it has broken below the key EMAs. Technical indicators also confirm the bearish sentiment, as the RSI is near the oversold zone at 30 and the MACD shows red bars post a bearish crossover. These signals indicate that the stock may face more downward pressure in the coming weeks.</p>
<h2 class="wp-block-heading" id="strong-analysts-take-on-the-block-stock-strong"><strong>Analysts’ Take on the Block Stock</strong></h2>
<p>There is a strong ‘Buy’ opinion among 47 analysts who follow Block stock. More than half of them (27) rate Block as a ‘Strong Buy,’ while 5 give it a ‘Buy’ rating. 13 of the analysts recommend holding the stock, and one of them advises selling it. Only 1 of the analysts has a ‘Strong Sell’ rating for Block.</p>
<p>Block stock has an average price target of $73.77, which implies a potential increase of 84.33% from its current price of $40.02. The price targets vary from a high of $110.00 to a low of $35.00.</p>
<h3 class="wp-block-heading" id="strong-summary-strong"><strong>Summary</strong></h3>
<p>Block stock (NYSE: SQ) technical oscillators support the bearish trend. The MACD, RSI, and EMAs are emphasizing negative signs and imply that the downtrend may continue in the SQ stock price. Block price action suggests that the investors and traders are bearish on the 1-day time frame. The price action reflects a bearish perspective.</p>
<p>Block stock is a high-risk, high-reward investment. It is not for people who are looking for a stable and predictable investment. It is for people who are willing to take on high risk for high reward potential. It is important to do your own research before investing.</p>
<h3 class="wp-block-heading" id="strong-technical-levels-strong"><strong>Technical Levels</strong></h3>
<p>Support Levels: $35.00 and $30.00</p>
<p>Resistance Levels: $47.00 and $50.00</p>
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4>
<p>This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.</p>

Block Stock: SQ Stock Bullish and Bearish Arguments for 2023-24

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