Takung Art Skyrockets Amid NFT Craze

Takung Art Co. Ltd. TKAT shares are skyrocketing Wednesday, possibly moving higher as the NFT market is getting a boost.

Takung is considered to be an NFT play and given Visa Inc’s V acquisition of a CryptoPunk this week, Takung and other NFT plays are receiving some added legitimacy among traders.

Takung Art is up 57.07% at $10.80 at time of publication on Wednesday.

See Also: How Warren Buffett, Known Hater Of Cryptocurrency, Owns CryptoPunk Stake

Takung Art Daily Chart Analysis

• The stock looks to have broken out of what technical traders call a falling wedge pattern.
• The stock trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the stock is seeing bullish sentiment.
• Each of these moving averages may hold as a possible area of support in the future.
• The stock is flying as major companies are beginning to invest into NFTs, crossing pattern resistance and breaking out of the wedge pattern.
• The Relative Strength Index (RSI) shot higher and now sits at 68. This shows there was a large increase in the amount of buyers in the stock.

What’s Next For Takung Art?

Bullish traders are looking to see the stock continue to breakout and push higher. When the stock cools off bulls are looking to see a period of consolidation where the stock is able to hold its gains.

Bearish traders would like to see the stock drop back below the pennant pattern. A cross below pattern support could let the stock see a further bearish move. Bears are also looking to see the stock cross below the moving averages for a possible change in sentiment.

Image by A M Hasan Nasim from Pixabay