Investors in WonderFi Technologies (OTCMKTS:WONDF) will be hoping for a quick turnaround in their fortunes this week considering the fact that the stock had sunk by as much as 12% last week.
Market Reaction
On Friday, WONDF stock went up 4.21% to close at $1.74 with more than 192k shares, compared to its average volume of 168k shares. The stock has moved within a range of $1.6270 – 1.8499 after opening the trade at $1.75.
Latest Development
In this situation, it is perhaps a good idea for investors to take a look at the development that may have led to the decline in the stock last week. Back on November 1 the company announced that its board of directors had given the approval with regards to the move to purchase digital assets to the tune of as much as C$10 million.
The company noted that the total outlay is going to be spread across a range of important assets which are reputed to drive considerable value in the world of decentralised finance. In addition to that, the investment is also going to be a part of the long term investments that have been made by WonderFi. In this context, it is also necessary to point out that a week prior to this particular announcement the company had announced that it raised as much as C$26 million as part of a bought deal financing deal with Canaccord Genuity Corp.
Traders Review
WONDF stock is trading below the 200-Day and 50-Day Moving averages of $1.46 and $1.46 respectively. However, the stock is trading below the 200-Day moving average of $1.77. The stock is up 45% over the past month.
