KYN Capital Group (KYNC) Stock Attempts To Bounce Back: How to Trade Now?
The KYN Capital Group (OTCMKTS:KYNC) stock made a strong recovery on Friday after having fallen sharply recently. The stock reversed the trend and went up by as much as 26% as investors piled on to it in a big way. That said, it should be remembered that the KYN Capital stock is still down by 45% over the past week.
One of the thing that needs to be noted that there was no news last week that could have resulted in this reversal of fortunes for the stock. However, back on June 7 the company had announced the launch of the Koinfold Debit Card, the latest addition to the Koinfold suite from KYN Capital.
The card is going to be connected directly to the Koinfold account of the client. More importantly, the company believes that the debit card could be a major source of revenue. It is going to enable crypto payment and the company believes that it is a step in the right direction with regards to the evolution of the crypto ecosystem.
It is a significant development for the company, however, it is unlikely that the latest rally was due to that announcement. Investors could consider keeping an eye on any news regarding KYN Capital in the coming days.
Market Reaction:
On Friday, KYNC stock soared 26.32% to $0.0072 with more than 207.81 million shares, compared to its average volume of 166.21 million shares. The stock has moved within a range of $0.0044 – 0.0074 after opening the trade at $0.0055. Over the past 52-week, the stock has been trading within a range of $0.0001 – 0.0210.
