FDCTech Inc (OTCMKTS:FDCT) Stock In Downtrend Without Any News

FDCTech Inc (OTCMKTS:FDCT) is among the many players in the fintech space at this point and is well known for providing a full range of digital financial services products.

Market Action

On Friday, FDCT stock fell 18.37% to $0.0400 with 158K share, compared to its average volume of 117k shares. The stock has moved within a range of $0.0308 – 0.0450 after opening trade at $0.0404.

Recent Development

However, the company’s stock has been on the laggards in recent days. Last Friday, the stock continued to suffer from a selloff and tanked by as much as 18% as a consequence. That took the losses made by the FDCTech stock to as much as 27% for the past week. While the decline in the stock may have been considerable, it should also be noted that there has been no news about the company in the past week.

In fact, there has been no news about the company for several months and the last time any news emerged about it was back in June this year. At the time, FDCTech had announced that it signed a purchase agreement by way of which it was going to pick up the entirety of the equity interest in the company Genesis Financial Inc. The entire transaction was going to be concluded in stock. As per the terms of the agreement, Genesis shareholders were going to be awarded 70,000,000 shares in FDCTech and at the time it represented total value of $35 million.

Traders Note

FDCT stock is trading below the 10-Day and 20-Day Moving averages of $0.0465 and $0.0565. Moreover, the stock is trading is the neutral zone with RSI stands at 37. Key pivot point is $0.0386.

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