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Netflix’s stock price forecasts are currently uncertain due to its range-bound movement. Trading activity has been low over the past two sessions, reflected by minimal volume. However, the stock remains in positive territory for the week, starting from a low of 170.30 on Monday.
Netflix is actively exploring new revenue streams after losing subscribers to competitors like Apple TV and Disney+. One potential revenue source is allowing companies to offer NFT subscription slots on its platform.
Recently, Revuto, a Croatian subscription management startup, launched a lifetime digital subscription for Netflix and Spotify using NFTs. This service, starting on June 11, offers subscriptions for $349, available for purchase with credit/debit cards or cryptocurrencies.
This deal could benefit Netflix by providing an easy payment option for users in markets where traditional payment methods are difficult. While not everyone has access to a bank account or credit/debit card, many people can use a smartphone to pay with crypto for NFT-based subscriptions. Plus, the ability to sell the subscription NFT could provide additional value.
From a technical standpoint, Netflix’s stock is trading within a range, with 189.81 as the ceiling and 164.62 as the floor. The stock’s future direction will depend on breaking out of this range.
If the stock price breaks through the 189.81 ceiling (highs from May 20 and June 24, 2022), it could move towards the 215.90 resistance level (high from April 25). Beyond that, the next target would be 249.47, followed by resistance at 275.27 and 321.59, which would address the downside gap from April 20.
Conversely, if the stock falls below the 164.62 support level, it could drop to 147.01 (high from March 27, 2017, and low from July 6, 2017). Further declines could push the price towards 129.84, with 111.31 as another possible target, based on the previous low from November 14, 2016.