Twitter Stock Bounces Back After Dogecoin Tips Are Implemented

Twitter Inc. TWTR shares are trading higher Thursday and look to be bouncing back toward a pennant pattern the stock fell out of.

Recent news with Twitter includes expanding its tipping feature, adding Dogecoin DOGE/USD to the list of currencies people can tip with. Cathie Wood also stated Twitter might play a bigger role in the NFT space and become very popular with the community.

Twitter was up 2.35% at $46.82 Thursday afternoon at publication.

See Related: You Can Now Use Dogecoin To Tip On Twitter, Doge Co-Creator Billy Markus Weighs In

Twitter Daily Chart Analysis

• Shares are rebounding and heading back higher toward support in what technical traders call a pennant pattern. Shares are still in a period of bearish movement and need to recover the pattern support to confirm a bullish trend is back in place.
• The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue). This indicates bullish sentiment and each of these moving averages may hold as an area of support in the future.
• The Relative Strength Index (RSI) saw a bounce back after dropping for the past couple of months and sits at 42. This shows that the stock is still seeing more selling pressure than buying pressure, even with the recent increase in buyers.

What’s Next For Twitter?

Twitter bulls are looking to see the stock recover and push back above pattern support and hold above it as it did when it traded within the pattern. This could possibly cause a breakout to happen at some point in the future.

Bears are in control of the stock and would like to see it stay below the pattern support and hold below the moving averages.

Image by Edar from Pixabay