Shares of Global Blockchain Mining Corp (CNSX: FORK) have raced higher ever since the company announced a strategic partnership with AmmbrTech for a wireless mesh network deployment in Canada. The upside action also appears to have picked pace on the company confirming the completion of a crowd-sale of 320 million AMR tokens.
CNSX: FORK Share Price Analysis
A 200% spike from all-time lows signals that the stock has turned bullish and on its way to 52-week highs. Global blockchain is one of the stocks that has seen its market sentiments inch higher on investors sentiments in the broader cryptocurrency inching higher.
With the stock currently trading in a steep uptrend, the next stop appears to be the $0.04 mark, which happens to be the next resistance level. A rally followed by a close above the critical resistance level should bring to an end a sell-off wave that had plunged the stock to all-time lows and triggered concerns about long-term prospects.
Conversely, a breach of the $0.01 support level on pullbacks could trigger renewed sell-off of the stock. Below the critical support level, Global blockchain remains bearish and vulnerable to further drops. However, as it stands, the stock appears to be on its way back to 52-week highs given the strength of the upward momentum.
What Does Global blockchain Do?
Global blockchain casts itself as a technology company focused on opportunities in the cryptocurrency and blockchain space. The company has in the recent past, diversified its offerings as it looks to focus on offering professional services and launching tokens among other digital assets.
Why is Global blockchain skyrocketing?
Shares of Global blockchain appear to have picked some steam on the company succeeding on the issuance of 320 million AMR tokens in a crowd-sale. The sale was a success given that the company successfully sold approximately 80% of AMR tokens on offer.
The public crowd sale is a culmination of a strategic partnership that began late last year and underscores Global blockchain growing core business on the offering of professional services. Buoyed by the success of the crowd sale the two are planning to collaborate on other projects.
FORK President and CEO Shidan Gouran commented, “We are thrilled to announce the success of the AMR crowd sale, and we congratulate Mr. Smith and his team for developing a scalable and dynamic wireless mesh networking solution using blockchain technology.”
The two companies have since signed a letter of agreement that will see Global blockchain invest its holdings of AMR tokens into AmmbrTech subsidiary Amber Telecom. The subsidiary is currently in the process of deploying a wireless mesh network technology in northern Canada.
Even as Global Blockchain continues to succeed on offering professional services involving token sales, the company is also making strides on the development of a node poling platform. Early this year the company completed the development of a proof-of-stake resource aggregation platform.
The platform is for the operation of master nodes service nodes and witnesses on five blockchain networks. Upon completion, the platform should allow the company to use polled funds from the system and in return provide them with access to an asset class that have a higher barrier to entry.
The platform under development will support Consensus Services on the blockchain networks.
“Since Consensus Services require significant capital outlays to provide, we believe that our Platform will benefit customers by giving them exposure to this profitable method of earning. As the Platform will be able to support virtually any other new blockchain network that comes out as well, this has excellent long-term earnings prospects for all types of customers,” stated Mr. Gouran.
Global Blockchain share price appears to have reached a bottom as it has started correcting upwards. A phenomenal run in recent trading sessions supports a breakout from current lows as the stock continues to bottom out.
Improving market sentiments about opportunities in the cryptocurrency space as well as the blockchain sector should continue to support the upside action after a harrowing crash last year. As it stands Global Blockchain is a bounce back play following the formation of a double bottom and renewed investor interest in the stock.
We will be updating our subscribers as soon as we know more. For the latest updates on CNSX: FORK, sign up below!
Disclosure: We have no position in CNSX: FORK and have not been compensated for this article.