The AMC share price could see some new demand as the company prepares to enter the NFT space, thanks to the huge demand for its new Spider-Man movie.
AMC’s partnership with Sony Pictures has seen it launch 100 designed themes for the upcoming release in the latest consignment of the Spider-Man titled “Spider-Man: No Way Home”.
Special codes will be provided to the first 86,000 AMC Premier, Investor COnnect and Stubs-A-List subscribers who buy tickets to the movie screenings. The demand for these tickets saw several ticket sales sites crashing within hours of listing. AMC’s CEO Adam Aron confirms that the ticket sales are the highest in the company’s history.
Despite the surge in ticket sales as pent-up demand for movie theatre attendance returns, the AMC share price is yet to feel the effect. The stock is down 2.10% as it continues to trade within a range identified on the daily chart.
The price continues to trade in a range bordered by the 43.08 resistance and the 34.75 support. The downward move of the day appears to seek a potential pivot off the 34.75 support. If this support fails to hold, a drop to the 5/11 August lows at 29.80 seems inevitable. 24.19 and 20.08 (27 January high) are the potential targets to the south if the price decline continues.
On the other hand, a break of the range’s ceiling at 43.08 allows the pulls to push towards a new barrier at 47.88. 52.94 and 61.14 are additional price targets to the north that come into view if the ascent continues.