Shopify's Competitor BigCommerce Goes for IPO, SHOP is Down by 10%.

According to Yahoo Finance, BigCommerce is about to hold an IPO on the Nasdaq exchange. The company has raised $219.2 Mln during seven rounds of investments. The ticket on the exchange will be 'BigC'. What is interesting is that BigCommerce has its competitor - Shopify (SHOP).

Against the news around BigCommerce, Shopify (SHOP) could not keep up with its growth, having declined by 10% over the last 24 hours. From the technical point of view, the drop might not have ended since the selling trading volume is high enough. 

That is why the more likely price action is the continued decrease to the MA 50 value, in the area around $800-$850. In case the asset makes a false breakout from this zone, there are chances for growth. 

SHOP is trading at $962.46 at press time.