DWAC Stock Forecast: Will DWAC Fall Below $20?

DWAC Stock Forecast: DWAC stock may rise in the next few days. Therefore, we hold a positive evaluation of this stock for the short term.

Latest DWAC Stock Price

DWAC Stock Forecast: Performance Chart

  • Last 5 days: +3.0% [Nasdaq: -0.1%]
  • Last 1 Month: -7.4% [Nasdaq: +1.6%]
  • YTD: -67.7%, [Nasdaq: -30.6%]

DWAC Technical Analysis

The DWAC stock has been falling and in the last 10 trading days, DWAC is down nearly 15%. The DWAC stock price started to tumble in the first week of March 2022. It was trading close to $95 then and by the first week of November 2022, DWAC crashed below $20. DWAC saw some gains after falling below $20 but it is still trading within the bearish zone.

The 52-week high of DWAC was $101.87 and the 52-week low was $15.2.

Performance on the last Trading Day

  • Open Price: $21.29
  • Close Price: $20.60
  • Gain/Loss: -3.24%
  • Overall Market Cap: $766,623,520

DWAC price fell by 4.77% on the last trading day and the stock price fell from $23.28 to $22.17. DWAC has not closed positively in the last 4 days.

image 378

On the chart above, DWAC’s 50-day MA (red line) has converged with the 200-day MA (green line). This is a positive scenario for short-term traders as the 50-day MA is following an upward trend.

Digital World Acquisition Corp. finds support close to $20 at $20.44 and this level may hold a buying opportunity as an upward movement happened after DWAC tested this support.

The resistance for DWAC is $22.90. This is the level where both 50-day and 200-day MA have converged.

Relative Strength Index and Momentum Oscillator

image 379

The RSI is finally witnessing an upward trend as buyers have now outnumbered the sellers. The RSI is 40.59. DWAC may open positively on Wednesday.

The momentum oscillator is in the negative axis and the trend is negative for the DWAC stock.

Recommendation: The DWAC stock holds several negative signals but we believe that the stock may rise in the next few days. Therefore, we hold a positive evaluation of this stock for the short term.

DWAC Stock Forecast: Latest News and Insights

  1. Truth Social approved for Google play store: Recently, the Google play store approved the Truth Social app on its platform. It also was made available on all Samsung devices, earlier this month. This led to an increase in its SPAC Digital World share by 22%.
  2. DWAC adjourns shareholder vote: DWAC has adjourned the shareholder vote until November 3, 2022. This meeting was scheduled to announce the shareholder vote to extend the deadline for its deal with Trump Social Media Company to bring public by a year. The meeting was adjourned as it failed to get 65% of the adequate shareholders who are required to approve the vote. DWAC also warned that if it fails to extend the deadline, it will be forced to liquidate. This also led the stock to tumble by 7.6%.

Impact of Twitter acquisition

Elon commented early this year that he would welcome Trump back on Twitter after his acquisition. Now that the acquisition is completed, investors are expecting Trump to leave Truth social for Twitter where he has more than 80 million followers compared to 4.3 million on Truth Social, due to which the stock fell by 10% immediately after the acquisition but it has seen relief after Trump’s comments that he would stay on Truth Social as he liked it better.

DWAC Stock Forecast: Long-Term Google Search Analysis

  • Last 30 Days: Steady
  • Last 90 Days: Steady
  • Last 12 Months: Significantly Lower

Google Search Volumes must rise in order that DWAC itself will increase soon.

DWAC Stock Forecast Today

UTC: Oct 4th, 2023 01:16 AM
Overall OutlookBearish
1. Market's WisdomBearish
1a. Market DataBearish
1b. Technical RecommendationSell
2. Crowd's WisdomNeutral
2a. Social Media BuzzSteady
2b. Social Media SentimentSteady

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Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.

DWAC Stock Forecast

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Vineet Agarwal

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