Blocplay Entertainment Inc. (CNSX:PLAY) might as well have hit rock bottom and due for a major bounce back if recent price action activity anything to go by. The stock has bottomed out from all-time lows, after rallying by more than 30% in recent trading sessions.
Blocplay Entertainment Price Analysis
The increased trading activity in the stock follows the announcement of a string management changes. The company has carried out an overhaul of its board of directors a development that seems to have reinvigorated investor interest in the stock.
While the recent spike higher came on huge volume, the stock remains subdued near all-time lows. The stock has remained subdued in a bear trend for the better part of the year and is now in dire need of new catalysts to continue powering high.
A closer look at price action activity, it is clear that the stock needs to stabilize above the $0.02 mark, after the recent climb higher. Stability above the critical support level should open the door for bulls to push the stock to the $0.03 mark, ahead of $0.04, which is the immediate resistance level.
On the downside, a breach of the $0.02 level on sell-offs would leave the stock susceptible to further declines on a continuation of the long-term bear trend.
About Blocplay Entertainment
Blocplay Entertainment casts itself as a peer-to-peer, decentralized digital entertainment company. The company is engaged in the business of developing platforms as well as publishing video games. It is the owner of TokenPay, a tokenization system that delivers publishes and markets video games as well as e-sports events.
After a lack of activity in recent months, the stock has started showings signs of climbing high amidst a high turnover in traded shares. Trading activity has picked pace as investors react to recent management changes.
Following an annual meeting of shareholders, Christopher Irwin was appointed as the new Chief Executive officer. He joins the company with vast managerial experience. In addition to practicing corporate/commercial law, he has also been president of Irwin Professional Corporation since 2006.
John Gill who was the interim CEO is to assume the role of Executive Chairman. Blocplay Entertainment has also confirmed the appointment of John Manger and Arvin Ramos into the board of directors
The management changes are way overdue, as the new executives face an uphill task to reinvigorate investor’s sentiments in the stock. The company needs to set the agenda straight on what it needs to achieve going forward.
Early in the year, the company’s wholly owned subsidiary entered into an agreement with Shopify Plus Partner, The Jibe. The executives will now be looked upon to ensure smooth integration between the two firms. The two companies are working on creating an e-commerce experience for Blocplay Entertainment, video game distribution app.
Vince McMullan, Chief Technology Officer of the Company, said: “The Jibe are deeply experienced e-commerce strategists, app designers, and developers with a passion for building high-quality, high-performance and ROI-centric solutions. I believe The Jibe team will excite the video games industry and gamers with a modern token-based e-commerce experience using the same UI technologies powering some of the most successful apps used by gamers today.”
In April Blocplay announced it had achieved a significant milestone in TokenPay development. For starters, the company said it completed Phase 1 of the Frontend design/development. As of now, the company is working on a Backend system which should be ready for launch before the end of the year.
Blocplay has also confirmed its sponsorship and participation in the upcoming Toronto 2018 Hackathon. The three-day blockchain event seeks to help accelerate business development around blockchain technology.
“Blocplay’s sponsorship and attendance at Block Hack Toronto underscores our involvement with ground-breaking blockchain technologies, which is indispensable in order to be at the foreground of the dramatically-changing gaming industry,” said Jon Gill Blocplay Chairman.
While Blocplay is still languishing at all-time lows, there is some glimpse of hope in the wake of recent management changes. Given that the stock appears to have hit rock bottom a bounce back may as well be in play as investor confidence in the stock continues to grow.
The company has once again reiterated its commitment to pursuing growth opportunities around the emerging blockchain technology. Coming up with innovations to power the multi-billion gaming industry would go a long way in shoring the stock’s sentiments in the market. After the recent spike higher, it may be wise to wait for further confirmation before entering a long position in the stock.
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Disclosure: We have no position in CNSX:PLAY and have not been compensated for this article.