Shares of Seafarer Exploration Corp (OTCMKTS: SFRX) are exploding in the wake of the company achieving significant milestones, key among them becoming a US government defense contractor. The fact that the company can now generate revenue from its blockchain encryption work also continues to excite investors, consequently fuelling the upside action.
SFRX Share Price Analysis
The company securing revenue from its first government contract is another development that continues to strengthen the stock’s sentiments in the market. In the recent past, the company has secured a 3-year renewal for Melbourne Beach permits a development that strengthens the company’s exploration work.The stock doubling in value, since the start of the second quarter, underscores strengthening investors’ confidence about long-term prospects. Seafarer Exploration is currently trading at all-time highs having resorted to trading in a steep uptrend. SFRX Daily ChartWith the upward momentum showing no signs of exhaustion, the stock is likely to continue edging higher especially on pullbacks. Any pullback from current highs should experience strong support at the $0.01 mark, above which Seafarer Exploration remains well positioned to continue edging higher.A breach of the $0.01 support level, on the other hand, could trigger short-selling spree that could see the stock plunging back to all-time lows. However, as it stands, Seafarer Exploration remains well positioned to continue powering high after turning bullish.
About Seafarer Exploration
Seafarer Exploration is an exploration company engaged in archaeological research, recovery, and conservation of historic shipwrecks. The company also engages in archival research as well as translation of historical documents from repositories around the world.
Why is Seafarer Exploration Exploding?
Shares of Seafarer Exploration have taken the market by storm on investors reacting to a string of positive developments that point to a bright future. For starters, a partnership with P&S leaves the company in a unique position, as it is now able to generate significant revenues from its blockchain technology.According to Chief Technology Officer, Dr. Michael Torres a partnership with Advanced Autonomous Radar Interrogation Technology has led to the development of new technology for detecting noble metals. The new system in question can detect the content of an alloy while also helping find rare mineralsIn addition to being helpful in mineral detection, the new system in question can also help in the wreckage, search and rescue ideal for detecting gold and silver on ships.
“It’s a new concept. This study just came out in 2017 for external quantum efficiency, which is essentially applied to particle physics. No one has this device yet. This device is brand new to the market. It is unique in that it can detect and differentiate noble metals,” explained Dr. Torres.
Strengthening Revenue Base
The stock has also continued to post impressive gains on investors taking note on the milestones achieved on the creation of a profitable business plan. For instance, the company’s blockchain technology is slowly becoming a useful asset for rapid growth by creating a steady revenue stream.The exploration company becoming an official government defense contractor is another development that affirms long-term prospects when it comes to revenue generation.Seafarer Exploration also boasts of an advanced exploration technology that can be used in numerous ways by government contractors thereby creating a reliable stream of revenue.According to the Chief Executive Officer, Kyle Kennedy, Seafarer Exploration vision and business plan has changed substantially.As it stands, the focus is on growing and expanding into multiple industries, in pursuit of opportunities that have the potential to strengthen the current revenue base.
“We are going to be the go-to people. This is the single best time in the company's history,” explains Mr. Kennedy.
Seafarer has already secured 3-year permits of the Melbourne Beach site in Florida paving the way for it to embark on an aggressive exploration of the site. The company intends to utilize its new technology to verify the provenance of the shipwreck site, believed to play host to the Spanish 1715 fleet shipwreck.
Bottom Line
Seafarer price gains to all-time highs coincide with an uptick in market sentiments on the company achieving significant milestones. Becoming a government official contractor is a development that points to a bright future as the company remains well positioned to secure deals capable of strengthening revenue streams.The strong stock performance is likely to persist given the strong underlying fundamentals fuelling the upside action. That said Seafarer should continue to edge higher as 2019 progresses.We will be updating our subscribers as soon as we know more. For the latest updates on SFRX, sign up below!Disclosure: We have no position in SFRX and have not been compensated for this article.
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