PotNetwork Holdings Inc (OTCMKTS:POTN) Stock Falls Sharply: What’s The Buzz?

Among the many stocks which recorded significant declines this past Friday, the decline recorded by the PotNetwork Holdings Inc (OTCMKTS:POTN) stock was perhaps particularly notable. The stock suffered from a heavy selloff on Friday and ended the day with losses of as much as 67%.

Market Stats

On Friday, POTN stock slumped 66.67% at $0.0001 with more than 201K shares, compared to its average volume of 484k shares. The stock has moved within a range of $0.0001 – 0.0001 after opening trading at $0.0001.  

Recent Press

However, there was no news about the company at all that could have triggered such a massive selloff and hence, at this point, the selloff might appear a bit random or even speculative to many investors. As a matter of fact, the last time the company was in the news was back in October last year when the then new Chief Executive Officer of PotNetwork, Lee Lefkowitz, published a letter addressed to the shareholders.

In that letter, the CEO provided a lowdown of some of the latest events with regards to PotNetwork. One of the more important things that was further mentioned in the letter was the 10 to 1 reverse split of the PotNetwork common share. While those were important updates, it is still hard to see how the updates from October last year could have a bearing on the stock performance on December 3, 2021. It remains to be seen how the stock performs this week.

Traders Corner

POTN stock has a pivot point at $0.0001. Key supports for the stock are 0.0001, 0.0001,0.0001 and resistances are 0.0001, 0.0001, 0.0001. Moreover, RSI stands at 38.