Brand Engagement Network Inc. (NASDAQ:BNAI) shares are surging on Monday. Here’s what you need to know.
What’s Fueling The Momentum?
Last week, Brand Engagement Network inked a $2 million deal for an AI pilot at Nelson Mandela University with Valio Technologies, a South African-based company. The intellectual property licensing deal, which will focus on student mental health, sparked higher trading volumes in BNAI stock.
Momentum appears to have continued into Monday with shares up more than 100% at last check, according to Benzinga Pro. The increased investor interest and trading volume led to a halt for volatility in early trading.
BNAI Moves Above Key Levels
Brand Engagement Network is trading 763.7% above its 20-day simple moving average (SMA) and 854.9% above its 100-day SMA, showcasing substantial strength in its price action. Over the past 12 months, shares have skyrocketed by 663.60%. The stock skyrocketed to 52-week highs on Monday.
The RSI is at an overbought level of 89.05, suggesting that the stock may be due for a pullback, while the MACD is above its signal line, indicating bullish momentum. The combination of an overbought RSI and a bullish MACD suggests mixed momentum, as the stock is experiencing strong buying pressure but may also be due for a correction.
What Does Brand Engagement Network Do?
Brand Engagement Network is a generative AI (GenAI) company specializing in conversational AI solutions. Through its secure, human-like AI agents, available in different modalities, the company seeks to transform consumer engagement and elevate customer experience, productivity, and business performance.
BNAI Shares Are Volatile Monday
BNAI Price Action: Brand Engagement Network shares traded as high as $55.15 on Monday before pulling back. The stock was up 101.24% at $32.99 at the time of publication, according to Benzinga Pro data.
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