• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Economy Truth Social app on the Nasdaq as DJT, closed 16% higher
Economy

Truth Social app on the Nasdaq as DJT, closed 16% higher

by November 19, 2024
by November 19, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Trump Media, the parent company of the Truth Social app, is in “advanced talks” to acquire cryptocurrency trading firm Bakkt, according to a report by the Financial Times. The news has caused both companies’ stock prices to skyrocket. Trump Media’s shares surged by more than 16%, reflecting growing investor interest in its potential cryptocurrency ventures.

Despite a net loss of $363 million for the year on just $2.6 million in revenue, Trump Media’s market cap remains above $7 billion, driven largely by speculation surrounding the 2024 U.S. presidential election and retail investors betting on Trump’s political prospects. The company holds nearly $673 million in cash, positioning it for strategic investments, including its potential acquisition of Bakkt.

Bakkt, founded in 2018, has struggled financially but reported improvements in its latest fiscal quarter, with a 48% reduction in operating losses. However, it has warned that it may face significant financial difficulties ahead.

The reported acquisition could mark Trump Media’s deeper entry into the cryptocurrency sector, a space it has been eyeing with other ventures, such as the World Liberty Financial token. This strategic move could enhance Trump Media’s diversification and financial position, especially as it seeks to expand its business interests ahead of the 2025 presidential election.

Stock Analysis: Trump Media & Technology Group Corp. (DJT)

The 15-minute chart of Trump Media & Technology Group Corp. (DJT) reveals a sharp bullish surge, reflecting market optimism following recent news developments. The stock opened strong and climbed significantly, reaching a session high of $33.88 before consolidating around $32.81, marking a 1.08% gain for the day.

This rally began after a breakout from the $27.00-$28.00 resistance zone, which had acted as a cap on price action over the past few sessions. The upward momentum was accompanied by a steep rise in the Relative Strength Index (RSI), which is currently at 88.37, indicating the stock is in overbought territory. This suggests that while the current uptrend is strong, some pullback or consolidation may occur in the short term as traders take profits.

Key support levels to monitor are $30.00 and $28.00, which could provide a base for the stock if the price retraces. On the upside, the immediate resistance is at $34.00. A break above this level could push the stock toward the $36.00 mark.

Overall, the stock shows strong bullish sentiment driven by positive news catalysts. However, traders should remain cautious of the overbought RSI and watch for volume trends to confirm sustained momentum or potential corrections.

The post Truth Social app on the Nasdaq as DJT, closed 16% higher appeared first on FinanceBrokerage.

You Might Also Like
  • DOJ stiff-arms House Republicans in first response to House Judiciary Committee requests
  • House committee grills Biden Labor Dept on child migrant exploitation ahead of hearing
  • Former Special Forces soldier launches campaign in Virginia to flip swing House seat from Democrats
  • Senate Democrats demand Chief Justice Roberts open investigation into Clarence Thomas over ‘misconduct’
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Super Micro stock surges
next post
Tesla stock up nearly 7% in U.S. premarket trading

You may also like

Elon Musk supports family punished for speaking out against biological...

June 4, 2023

House Republican dismisses ‘colorful conservatives’ upset over debt ceiling deal:...

May 29, 2023

Venezuela Maduro’s opposition are ‘true patriots’ but ‘real change’ won’t...

August 3, 2024

Sen. Cotton grills Secret Service on whether White House cocaine...

July 6, 2023

The Speaker’s Lobby: A Universal Interest

June 29, 2024

Tesla Stock’s Critical October: Robotaxi Reveal & Q3 Results

October 8, 2024

DeSantis fires back at ‘out of touch’ hosts of ‘The...

September 24, 2023

WWIII could start over Philippines dispute in South China Sea,...

April 7, 2024

Philippine mayor accused of acting as Chinese asset amid investigation,...

May 18, 2024

Genocide, famine in Sudan as Biden admin accused of being...

December 27, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,633 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,321 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,303 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    House Republicans vote to remove Jim...

    October 21, 2023

    Schumer calls on Xi to support...

    October 9, 2023

    Tim Scott is the leading Black...

    September 5, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here