Is Facebook Stock Worthy?
The growth that started after crises caused by Cronovirus, Facebook gained 176.18% to $377.40 from its 2020 low of $137.60.
Today we are talking about FB because earlier, the Federal Trade Commission restarted its trial against FB to abuse its dominant market position once more. This is while a Federal Judge rejected the original petition as it did not have enough evidence to support claims of unlawful monopolization. Still, now Judge James Boasberg had given FTC another chance to file another suit. The main points of this petition are about how they bought the What's app and Instagram, and they want them to unwind the deal.
On the other hand, FB is still following its crypto plans with David Marcus despite all these controversies. Earlier on Wednesday, David Marcus announced about "Novi," a new digital wallet that they believe can make a change in the payment industry by calling that "challenger in the payment industry." As we know from his lengthy post on social media, it is going to be free and peer-to-peer payments "domestically and internationally."
Diem is the new name of before called Libra. Unlike BTC and Ethereum systems based on proof-of-work or Ethereum's Proof-of-Stake mechanism, Diem proposes a Switzerland-based Diem Association to process the financial transactions.
From the technical point of view, as the Daily chart shows, it is in a clear uptrend and above both 20&50 MA lines. Currently, at $355 seem to become a pivot point and now flitting around this level, with RSI close to 50-level and increasing market volume, signaling that we have to think twice about this level.
In the H4 chart, RSI moves at 40-level with increasing market volume and trading under both MA lines, signaling that in the mid-term, we may see the correction, however in the long term, it seems it is holding its overall uptrend.