Trump Media & Technology Group DJT has been on a tumultuous journey this year, soaring an impressive 44.6% over the last month and amassing a 38% year-to-date increase.
However, the recent unveiling of the Truth+ Streaming App for Android devices, now accessible on the Google Play Store, has infused fresh optimism, enabling Trump Media stock to leave its setbacks behind and forge ahead with vigor. This surge is propelled by robust technical signals and a growing investor appetite.
The past six months witnessed a 25% decline but recent events have reignited bullish enthusiasm, particularly with the launch of Truth+ app. This ascent is fueled by robust technical signals and a surge in investor interest.
Truth+ Streaming App: The Next Big Thing?
Truth+ isn’t your run-of-the-mill streaming service; it represents a pivotal element of Trump Media & Technology’s strategy to establish an impervious platform free from the grasp of Big Tech. Available on Android, Truth+ hosts a diverse array of programming spanning news, entertainment, faith-based content, and children’s shows.
Offering functionalities such as Video on Demand (VOD), live TV rewind, catch-up TV, and DVR, Truth+ substantially expands on the content already accessible on Truth Social.
CEO Devin Nunes underscores the significance of this launch, affirming, “We’ve reached another milestone in our mission to create a safe haven for free speech that cannot be silenced.” Nunes also hints at forthcoming expansions, including native apps for iOS, Samsung, LG, Apple TV, and more.
Trump Media Stock Is Flashing Multiple Bullish Signals
On the technical front, Trump Media stock is ablaze.
Trump Media stock is currently trading at $27.27, significantly above its five, 20, and 50-day exponential moving averages. The eight-day simple moving average stands at $20.08, the 20-day SMA at $16.90, and the 50-day SMA at $19.83—promising bullish prospects. Moreover, with the Moving Average Convergence Divergence (MACD) at 0.77, investors find more reasons to be optimistic about Trump Media stock.
Underlying Weakness Spells Caution
However, not all is glowing. Trump Media stock’s share price of $24.12 is notably below its 200-day simple moving average of $33.97, hinting at some underlying weaknesses.
The Relative Strength Index (RSI) is hovering near overbought territory at 68.18, indicating a potential upcoming pullback for the stock. Additionally, the Bollinger Bands demonstrate Trump Media trading outside the upper band range of $16.89 to $22.98, suggesting a need for caution.
Nevertheless, with the mounting buying pressure and momentum from the Truth+ app debut, it’s evident why bullish sentiments are prevalent.
What’s Next For Trump Media Stock?
With forthcoming plans to venture into iOS and connected TV platforms, Trump Media & Technology shows no signs of slowing down its expansion strategy.
The company is diligently testing its in-house, uncancellable streaming technology, and any successful updates or expansions could fan the flames of buying pressure in the near future.