Square Inc (SQ Stock) Price Forecast: Trending higher on CashApp and cryptocurrencies

NYSE:SQ has been on a tear this year as people have taken to using its CashApp to safely send and receive payments during the COVID-19 pandemic. The stock was little changed on Monday, dipping just 0.34% during the trading session, as the broader markets remained relatively flat to start the week. Square is definitely trending upwards as the current price level of $215.86 is well above both its 50-day and 200-day moving averages and just a shade below its 52-week high price of $222.20. 

Square also revealed that the CashApp would be a vehicle for users to buy, sell and trade cryptocurrencies as the digital future of mobile trading arrives. Another industry heavyweight PayPal (NASDAQ:PYPL) has also announced that it will allow users of its popular Venmo app to also be able to hold and trade cryptocurrencies as well. Clearly, these two fintech giants are bullish on cryptocurrencies such as Bitcoin and Wall Street analysts agree as price targets of upwards of $300 have been associated with Square over the next twelve months. 

SQ stock forecast

Square also announced a partnership with POWDR which operates luxury ski resorts all over the United States and Canada. The new deal will allow visitors to not only use Square or the CashApp as a method of payment, but it also allows the resorts to fully incorporate Square’s vast eCommerce and point of sale software to better help serve its customers. As we continue to move towards a world of digital and contactless payments, Square should remain as one of the fintech industry leaders for the foreseeable future.