According to a recent statement by Twitter Inc, the majority of advertisements associated with digital currencies are to be banned on its platform. Twitters decision follows a similar move by Facebook in February and an announcement by Google earlier in March that a ban on cryptocurrency ads is to take effect in June.
Twitter shares closed higher for the second time in the past eight trading sessions on Monday. The stock went up 2.84% ($0.88) to $31.91, after touching an intraday high at $32.47, or a price level not seen since March 21st ($33.15).
In the week ended on March 25th the shares of the social media company lost 12.79% of their market value compared to a week ago, which marked the first drop out of four weeks. It has also been the worst performance since the week ended on July 30th 2017.
However, due to yesterdays gain, the stock has neutralized earlier losses and is now up 0.16% so far during the current month, following a 23.44% surge in February. The latter has been a third straight month of gains.
For the entire past year, Twitter shares rose 47.30% following a 29.56% slump in 2016.
According to Reuters, Twitter is expected to launch a policy this week, which bans advertisements related with initial coin offerings, or ICOs, along with ads promoting cryptocurrency wallet services and token sales. The companys policy is to also affect advertisements from a number of cryptocurrency exchanges.
Earlier in March, Twitter announced that measures were being taken so that crypto-related accounts were prevented from “engaging with others in a deceptive manner”.
According to CNN Money, the 30 analysts, offering 12-month forecasts regarding Twitter’s stock price, have a median target of $21.00, with a high estimate of $32.00 and a low estimate of $14.00. The median estimate is a 34.19% decrease compared to the closing price of $31.91 on March 26th.
The same media also reported that 21 out of 38 surveyed investment analysts had rated Twitter’s stock as “Hold”, while 7 – as “Sell”. On the other hand, other 7 analysts had recommended buying the stock.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, todays levels of importance for the Twitter stock are presented as follows:
R1 – $32.07
R2 – $32.23
R3 (Range Resistance – Sell) – $32.40
R4 (Long Breakout) – $32.88
R5 (Breakout Target 1) – $33.45
R6 (Breakout Target 2) – $33.75
S1 – $31.75
S2 – $31.59
S3 (Range Support – Buy) – $31.42
S4 (Short Breakout) – $30.94
S5 (Breakout Target 1) – $30.37
S6 (Breakout Target 2) – $30.07
By using the traditional method of calculation, the weekly levels of importance for Twitter Inc (TWTR) are presented as follows:
Central Pivot Point – $32.46
R1 – $34.31
R2 – $37.59
R3 – $39.44
R4 – $41.29
S1 – $29.18
S2 – $27.33
S3 – $24.05
S4 – $20.77