GEMXX Corporation (OTCMKTS:GEMZ) Stock Takes A Hit: Falls 20%

GEMXX Corporation (OTCMKTS:GEMZ) fell 20% after the company announced the launch of the first Ammolite-backed crypto in the world alongside a cryptocurrency wallet called GEMXX Wallet.

Market Stats

On Tuesday, GEMZ stock fell 19.50% at $0.0095 with more than 4.60 million shares, compared to its average volume of 4.05 million shares. The stock has moved within a range of $0.0078 – 0.0120 after opening trading at $0.0118.

Launches World’s First Ammolite-Backed Cryptocurrency

The company, a Core State Holdings Corp partner, operates a mine to market jewelry and gemstone production operations. It has a global reach through its production, operating, and mining assets. Most importantly, the company controls each stage of production that includes gemstone production, manufacturing of jewelry, and distribution globally.

The company entered a definitive White Label License Agreement with Core State Holdings Corp on September 18, 2021, to create the first Ammolite-backed cryptocurrency and digital wallets based on Core State Holdings’ exceptional PTPWallet.Following three months of development, the android and iOS apps of the GEMXX Wallet are now available on Google Play Store and Apple Store. Notably, the Ammolite token has already been integrated, enabling users to buy AMML tokens using other cryptos. Therefore, GEMZ is worth watching.

Traders Corner

GEMZ stock is trading below the 20-Day and 50-Day Moving averages of $0.0123 and $0.0165 respectively. Key pivot supports are 0.0033, 0.0056, 0.0075 and resistances are 0.0117, 0.0140, 0.0159. The stock is down 38% in the past month.