PayPal Stock Forecast: Will PYPL Price Smash $70 Mark?
PayPal stock price is surprising the market by delivering an unexpected breakout, surpassing the key moving averages. The price ended the long bearish trend that lasted from AUG 2021. At that time, the price reached a high of around $310 and then plunged, forming a death cross.
PayPal is a global e-commerce payments platform that has recently entered the cryptocurrency space. PayPal allows its users to buy, sell, and hold cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, through its PayPal and Venmo apps. PayPal also plans to enable cryptocurrency to fund purchases at its 26 million merchants worldwide.
PayPal’s move into cryptocurrency is a positive development for the digital asset industry, as it could increase the adoption and awareness of cryptocurrencies among millions of consumers and merchants.
PayPal is also a dominant competitor in the crypto payments space, as it has over 377 million users worldwide, compared to Square’s Cash App, which has over 36 million users.
However, according to Bank of America, PayPal’s revenue impact from cryptocurrency transactions is still small in 2021. The bank estimates that PayPal will generate less than 1% of its revenue in 2021 from Bitcoin and cryptocurrency.
PayPal stock price is showing strength as it trades at $65.82, up by 6.01% from the previous intraday session. The 24-hour trading volume is 38.265 million shares, indicating high liquidity and interest in the stock.
According to TradingView, 36 analysts have given PayPal holdings price targets for the next year. The highest target is $120, the average target is $72.24, and the lowest target is $50. This implies a potential upside of 9.75% from the current price, based on the average target.
PayPal Stock Price Technical Analysis
Source: Tradingview
PayPal stock price has broken above the key moving averages, indicating bullishness on the daily charts. The volume in the stock has also risen, reflecting buyers’ interest.
The RSI indicator is near the bullish zone at 65.41, showing that the price has strength and room to grow. The 14-day SMA line is close to 52.17, indicating that the price is following an upward trend.
The MACD indicator has also turned bullish, showing a bullish crossover and green bars on the histogram, indicating that the buyers have the upper hand and the momentum is positive.
Conclusion
PayPal stock price has shown a remarkable recovery from its 52-week low, as it broke above the key moving averages and formed a golden cross. The stock price may continue to rise if it breaks above the resistance level and sustains the bullish momentum. PayPal’s stock price forecast is optimistic, as the company has a lot of growth potential and innovation in the booming cryptocurrency market.
Disclaimer
The information contained in this article is intended for informational and educational purposes only. It should not be construed as financial, investment, or trading advice. Investing and trading involve risk, and you should carefully consider your circumstances and risk tolerance before making any investment decisions.
