What's Next For Paysafe Stock?

Paysafe Ltd PSFE shares are having a rollercoaster of a day, moving both up and down after the strong down day many technology stocks faced yesterday. The stock has been trending on social media sites throughout the past few days on sites such as StockTwits and Yahoo Finance.

Paysafe was up 0.35% at $7.22 at last check Tuesday at publication.

Paysafe Daily Chart Analysis

• Shares have been falling for the past few months and trade in what technical traders call a falling wedge pattern.
• The stock has been falling and has been getting pinched between narrowing highs and lows. The stock could see a strong push if it is able to cross above resistance or below resistance.
• The stock is trading below both the 50-day moving average (green) and the 200-day moving average (blue), indicating sentiment in the stock has been bearish.
• The stock may find resistance near either of these moving averages in the future.
• The Relative Strength Index (RSI) has been dropping lower recently and sits at 31. This is almost on the border of becoming oversold. The oversold area is somewhere the stock could see strong amounts of selling pressure.

What’s Next For Paysafe?

Bullish traders are looking to see the stock begin to form higher lows and break above the pattern resistance. A break above resistance with some consolidation could signal the stock is ready to push higher on another leg.

Bears want to see the stock fall and break below the pattern support. If the stock could hold this level as resistance the stock could see a strong bearish move. Bears are currently in control and would like to maintain control of the stock by having it stay below pattern resistance.

Image by mohamed Hassan from Pixabay