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Trump Media & Technology Sees 44% Surge: Will the Truth+ Streaming App Drive Further Growth?

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Trump Media & Technology Group DJT is making headlines after a remarkable climb of 44.6% in the last month, adding to a year-to-date increase of 38%.

Don’t be misled by a recent six-month decline of 25%. Recent developments have sparked optimistic feelings among investors, especially with the debut of the Truth+ Streaming App, launched for Android devices and now accessible in the Google Play Store.

As Trump Media’s stock gains traction, it is being propelled forward by solid technical indicators and increasing investor enthusiasm.

Read Also: Trump Media Stock Surges as Elon Musk Backs Trump at Pennsylvania Event

Introducing Truth+ Streaming App: A Bold Move

Truth+ aims to be more than just another streaming service—it’s a cornerstone for Trump Media & Technology’s vision to create a platform free from the influence of Big Tech. The app offers diverse programming ranging from news and entertainment to faith-based content and children’s programming.

Enhanced features include Video on Demand (VOD), live TV rewind, catch-up TV, and DVR, marking a significant expansion of the existing content on Truth Social.

CEO Devin Nunes highlighted the launch’s importance, saying, “We’ve reached another milestone in our goal of creating an uncancellable safe harbor for free speech.” Nunes also expressed plans for growth with upcoming versions for iOS, Samsung, LG, Apple TV, and more.

Trump Media Stock Signals Bullish Potential

Looking at recent trends, Trump Media stock presents several bullish signs.

Screenshot 2024 10 11 at 5.11.40 PM

Chart created using Benzinga Pro

Currently, Trump Media stock is trading at $27.27, significantly above its five, 20, and 50-day exponential moving averages. The eight-day simple moving average is at $20.08, the 20-day is $16.90, and the 50-day stands at $19.83, all suggesting bullish momentum.

Additionally, the Moving Average Convergence Divergence (MACD) reading of 0.77 gives investors further confidence in the stock’s potential.

Caution Advised Amid Underlying Weakness

Screenshot 2024 10 11 at 5.12.19 PM

Chart created using Benzinga Pro

However, not all indicators are positive. Trump Media’s stock price at $24.12 is considerably below the 200-day simple moving average of $33.97, signaling potential weakness.

The Relative Strength Index (RSI) is closing in on overbought territory at 68.18, which may suggest a pullback could be on the horizon.

Furthermore, the Bollinger Bands indicate that Trump Media is trading outside the upper band range of $16.89 to $22.98, adding to the case for caution.

Despite these risks, the excitement surrounding the launch of the Truth+ app has drawn in many optimistic investors.

Looking Ahead: What’s Next for Trump Media Stock?

As Trump Media & Technology continues to develop plans for iOS and connected TV options, the company’s strategy appears far from complete.

They remain focused on testing their proprietary streaming technology, and successful updates or expansions could lead to heightened buying activity in the weeks to come.

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