Will Gopher Protocol Inc. (OTCMKTS:GOPH) continue surging after starting the year on a roll? That is the big question given that the stock finds itself in a precarious position after shedding more than 80% in market value from record highs of $4.85 registered last year.
Gopher has felt the full force of short sellers over the past year having seen its sentiments edge lower triggering a ferocious sell-off wave. The management has since responded to the sell-off, by reiterating the company’s growth prospects.
GOPH price analysis
For starters, the company is in the final development of a prototype mesh network it’s been working on. The company has also commenced the development of the Gopher Avant AI mobile app that is to complement previously announced web-based applications. In addition, the company has also launched an AI robotics program having also started working on a 5G radio technology architecture.
The stock starting to climb the ladder attests to investors taking note of the string of positive developments that affirm the company long term plans. The stock has since rallied by more than 70% since the start of the year as the upward momentum continues to gather pace.
The rally has since catapulted the stock close to a key resistance level at the $0.60 mark. A rally followed by a close above the critical resistance level should affirm the emerging uptrend. Above the resistance level, bulls could come in and continue pushing the stock higher as the next substantial resistance level is at the $1.20 level.
On the downside Gopher Protocol, faces support at the $0.36 level. Any sell-off followed by a close below the critical support level could open the door for short sellers to come back in and continue pushing the stock lower.
Gopher Protocol is a development stage company focused on the development of the internet of things as well as artificial intelligence technologies. Its technology is made up of the smart microchip as well as mobile application software and supportive software.
Why is Gopher Protocol Bottoming Out?
A rally from all-time lows comes on investors taking note of the company’s strengthening fundamentals. Gopher Protocol has once again reaffirmed its commitment to coming up with innovative products key to generating long-term value.
For starters, the company has confirmed it is in the final phase of product development and launching of a prototype mesh network gateway device. The company is hoping to go a notch higher with its latest innovation when it comes to enhancing and ensuring thorough network communication.
“The key factors in consideration for our system are quality and reliability of the wireless nodes that comprise the network, and we are performing all the necessary checks in order to ensure secure and accurate communication. Our mesh network antenna is required to cover a wide frequency bandwidth and several frequency bands,” said Danny Rittman Chief Technology Officer.
In addition to the mesh network, device development, Gopher Protocol has also commenced work on its Gopher Avant AI Mobile application. The mobile app is to complement and synchronize with the company newly launched web application. Users will consequently be able to login via a browser, ask questions and review the history of their interactions thanks to Avant AI integration.
The Avant Mobile app is to come with advanced techniques for synchronization privacy and security control. The ultimate goal is to provide users with an information library and user-specific knowledge.
“We are preparing to make Avant! A competitive player in the AI arena. One of Avant’s future features is a customer support/informational agent for businesses and institutions to be able to deploy an online and mobile application oriented customer service informational interface,” Gopher Protocol in a statement.
Gopher Protocol continues to make a name for itself in the artificial intelligence space. The fact that the technology is poised to have significant impact on people’s lives in the future explains the renewed investor interest in the company.
Investors are also taking note of the company’s bid to come up with a better antenna for mesh network devices. In addition, the company is already leveraging artificial intelligence in its web application, which further affirms its credentials as an Internet of Things and Artificial Intelligence company.
After underperforming in 2018, Gopher Protocol is slowly turning the page having enhanced the development of new products. That said the stock should continue surging from current lows as investors take note of the AI opportunity at stake.
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Disclosure: We have no position in GOPH and have not been compensated for this article.