PayPal stocks are riding the surge in technology stocks with what could be the 4th winning session out of five. The fundamental trigger of PayPal stocks is the news that it is combining with VISA to ready a $300 million fundraising round in Blockchain Capital. The fundraising round featured investment from pension funds, university endowments and other key investors.
PayPal’s venture into the crypto world came with a 2020 announcement that selected users would be able to buy, sell or hold cryptos. The addition of a crypto checkout button further allowed users to pay with cryptos using the PayPal channel. It is now deepening its involvement with the strategic fundraising in Blockchain Capital.
Technical Levels to Watch
PayPal’s stock price has just broken the neckline of the double bottom pattern on the daily chart. The measured move is expected to take PayPal’s share price to the previous top at 309.14, which is the current all-time high. This move needs to break past 293.94 (19 February high) to be accomplished.
On the other hand, a rejection along the pathway of the measured move ultimately retests the neckline once more at 277.09. A breakdown at this point opens the door towards 265.05 (16 June low). Further targets to the south are seen at 259.64 and 254.82. 245.80 and 232.56 only become relevant if the decline is extensive.