Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Block stock price (NYSE: SQ) is down 30% in the August month.</a> </li> 
 <li> <span>2</span> <a>SQ stock price drops below the 50-day and 200-day EMA showcasing a downtrend.</a> </li> 
 <li> <span>3</span> <a>Block Inc. formerly known as Square stock is trading near the 52-week low.&nbsp;</a> </li> 
</ul> 
<p>Block Inc., SQ stock price corrected approximately 30% from its swing high. It faced sharp rejection from $81.00 and displayed a steep fall.&nbsp;</p> 
<p>SQ stock price has dropped below the 50-day and 200-day EMA. It showcases that the short-term trend as well as the positional trend is in a downward direction.&nbsp;</p> 
<p>Block stock price is slipping down by forming a lower low and eroding the complete gains generated in the past 3 months. It formed an inverted V-pattern indicating sellers’ dominance on the higher levels.&nbsp;</p> 
<p>Square stock price performed well in the past 3 months and generated nominal returns for its investors. The bullish momentum took a halt near $81.49 and prices entered consolidation.&nbsp;</p> 
<p>Later, SQ stock witnessed minor profit booking and prices reverted in a downward direction. Block Inc. (NYSE: SQ) reported the previous quarter earnings on August 3, 2023. It reported an EPS of 0.39 and revenue of $5.535 Billion.&nbsp;</p> 
<p>The company beats the EPS estimate by 6.91% and the revenue estimate by 8.47%. Despite that, SQ stock price reacted negatively and fell 13% after earnings.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-will-sq-stock-price-hold-the-50-00-support-strong"><strong>Will SQ Stock Price Hold the $50.00 Support?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh3.googleusercontent.com/_-7Eo_NjjuiXqD6B3TPWI_l43axakW25gz0xrqq3fC28GpUJ5sqHID28vH7bAqZWjg0NYFhZWyxqP1-RYkjKmJhiSfcaPxDZ0qiosvBDKsyZxLzYthOTn41XldNuoKUeFw8bgju9TSBJW51k8baJg7Y" alt="Block Stock: Will SQ Stock Price Recover from 52-Week Low?"> 
  <figcaption class="wp-element-caption">
    NYSE: SQ daily chart by <a href="https://www.tradingview.com/x/idvKKnEA/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>SQ stock price has corrected a lot and eroded the previous gains. Presently, the square stock price is near to the crucial support and buyers are trying to defend the lows.</p> 
<p>Till the SQ stock price sustains above $50.00 the probability to bounce back remains high. Furthermore, the share prices look oversold so a relief rally may trigger anytime from the lower levels.&nbsp;</p> 
<p>On the other hand, if the Block stock price drops below $50 then it may raise concern for the long-term investors. The technical analysis suggests that if the overall market recovers then a correction in<a href="https://www.thecoinrepublic.com/2023/08/02/block-stock-will-sq-stock-reach-90-after-quarterly-earnings/" rel="noopener noreferrer nofollow"> Block Inc. stock</a> might take a halt near $50.</p> 
<h3 class="wp-block-heading" id="strong-will-the-previous-pattern-repeat-in-block-stock-strong"><strong>Will the Previous Pattern Repeat in Block Stock?</strong></h3>  
<div class="tradingview-widget-container">
  &nbsp;&nbsp; 
 <div id="tradingview_ae426"></div> &nbsp;&nbsp; 
 <div class="tradingview-widget-copyright"> <a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow" target="_blank"><span class="blue-text">Track all markets on TradingView</span></a> 
 </div> &nbsp;&nbsp; 
 <script type="text/javascript" src="https://s3.tradingview.com/tv.js"></script> &nbsp;&nbsp; 
 <script type="text/javascript">

  new TradingView.widget(

  {

  "width": 950,

  "height": 500,

  "symbol": "NYSE:SQ",

  "interval": "D",

  "timezone": "Etc/UTC",

  "theme": "dark",

  "style": "1",

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  "studies": [

    "STD;Supertrend"

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  "container_id": "tradingview_ae426"

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  </script> 
</div>  
<p>Block stock price for 4 consecutive weeks which hurt the sentiment of long-term investors. Previously, the SQ <a href="https://www.thecoinrepublic.com/2023/08/02/block-stock-will-sq-stock-reach-90-after-quarterly-earnings/" rel="noopener noreferrer nofollow">stock price</a> has bounced back multiple times from the $55 support. So, investors expecting a similar kind of pattern might get repeated.&nbsp;</p> 
<p>However, if square stock continues the consolidation for a few more weeks then it might be signs of base formation.&nbsp;</p> 
<p>The MACD curve is reversing upward and trying to generate positive crossover indicates bullishness. The RSI is at 31 near oversold territory so the downside looks limited.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>Block Inc. SQ stock price corrected approximately 30% from its recent high. It eroded the majority portion of its previous gains and formed a bearish pattern.&nbsp;</p> 
<p>The technical analysis suggests that Block stock price is oversold so short-term recovery may come from a 52-week low.&nbsp;</p> 
<h5 class="wp-block-heading"><strong>Technical levels</strong></h5> 
<ul> 
 <li>Resistance levels: $64.00 and $70.00</li> 
 <li>Support levels: $51.00 and $50.00</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Block Stock: Will SQ Stock Price Recover from 52-Week Low?

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