Block Inc. ($SQ) is on the brink of a major price movement, as indicated by Ichimoku Cloud analysis and current technical indicators.
Key Insights from the Ichimoku Cloud
The Ichimoku Cloud analysis reveals a strong potential upward trend. The Tenkan-sen is at $81.60, while the Kijun-sen is at $77.13, with the price trading above these levels, which is a classic indicator of upward momentum. The Leading Span A, currently at $79.36, reinforces the bullish sentiment with its upward slope, while the Leading Span B stands at $69.06.
Historical Performance and Recovery Trends
Historically, Block Inc. has experienced price volatility, trading above $250 in 2021 before a significant drop due to macroeconomic pressures. A bottom near $50 was observed in mid-2022, followed by a gradual recovery to current levels.
The Road to Triple-Digit Prices
The analyst's projection for reaching triple-digit prices is firmly rooted in technical data. If $SQ breaks through the $93.63 resistance level, historical data suggests the next resistance could emerge around $120.
For the bullish scenario to hold, $SQ must convincingly break $93.63 resistance and stay above the cloud; otherwise, it may return to the consolidation phase.
