Color Star Technology Co. Ltd. (NASDAQ:CSCW) Stock Moves Down Despite The New Agreement News
Color Star Technology Co. Ltd. (NASDAQ:CSCW) shares were 3% down after the company and National Glory Holdings Limited signed a memorandum of cooperation.
Market Stats
On Tuesday, CSCW stock fell 2.63% at $0.56 with more than 5.39 million shares, compared to its average volume of 6.01 million shares. The stock has moved within a range of $0.5501 – 0.5970 after opening trading at $0.58.
Signs Cooperation Agreement with National Glory Holdings Limited to Develop Industry Platform for Metaverse and NFT Products
The company and National Glory collaborate and carry an in-depth joint work on NFR and metaverse related industries.National Glory is a global investment holding corporation specializing in venture financing, real estate, and the development and application of blockchain tech.
Color Star will cooperate with National Glory to develop and use virtual reality (VR) and augmented reality (AR) technology to create an industry platform that will bring additional innovations and developments to NFT products and metaverse. In addition, the collaboration will aid in the expansion of the company’s global business network. Color Star has previously released a number of NFT products, virtual characters, and metaverse interfaces with great success. CEO of Color star Basil Wilson stated that the company’s business focuses on entertainment tech, and the collaboration will help it integrate its business offerings. So, in the coming days, CSCW is worth watching.
Key Quote
Mr. Basil Wilson, CEO of Color Star, commented: “Color Star’s business has often centered around entertainment technology, and this cooperation with National Glory will help integrate our respective business offerings in the future. National Glory has strengths in building industry platform technologies, and it has great influence in the Middle East. National Glory’s strengths will help Color Star in research, development, and promotion of more metaverse and NFT products. In addition, as Color Star’s business continues to expand and its market value continues to increase, we believe that the Company is building up momentum and entering a phase of rapid growth.”
Traders Corner
CSCW stock is below the 20-Day and 50-Day Moving averages of $0.61 and $0.68 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.95. The stock is up 7% in the past month.