Microstrategy is a leading global leader in mobility software which has gained considerable attention in the world. In recent years, Microstrategy has been in the news for its adoption of cryptocurrencies. MicroStrategy has recently released its Q1 2023 results. The total revenue of the first quarter was $121.9 Million which is a 2.2% increase from the past quarter. The first quarter profit of 2023 Microstrategy was around $36.42 Million which has increased 23.4% from the past year.
The first quarter operating expense of the MSTR is $114.3 Million. As of March 2023, digital assets of Microstrategy were around $2 Billion with an impairment loss of $2.122 Billion. MicroStrategy is currently looking towards ordinals for app development. Meanwhile, Michael Saylor has said that early BRC-20 uses may be ‘illegal’. Michael Saylor is also currently saying that Bitcoin has bottomed out and there may be a new bull run soon.
MicroStrategy has a market cap of $3.87 Billion with a negative EPS. MSTR stock is currently down by more than 20% from its 52-week high. MSTR price can rally to a new high in the future.
Is MSTR Heading For $350?
The weekly technical chart of Microstrategy is hinting towards a strong consolidation momentum in price. On the daily chart,it is trading near the value of $299 with a small gain in the intraday session. The asset price upside trend can see a halt near the value of $310.Meanwhile, the support of the asset price can be observed near $270. If the asset price jumps above $300 then a strong momentum can be seen. The asset price is trading above the 50 and 100 Daily Moving Averages. They can also act as a support for the asset price.
The RSI of MSTR stock price is near 58 suggesting its presence in the neutral zone. The overall sentiment of the indicator is bullish.
Summary
Michael Saylor is looking towards Ordinals as a way to develop the apps. MSTR price is currently in a consolidated trend but can see a new high in the future.
Technical Levels
Major Support:$270
Major Resistance:$320
