After hitting lows in October not seen since the onset of the pandemic, fintech all-star Block (NYSE: SQ) has rallied 11% higher, overcoming worries about the meltdown happening all across the cryptocurrency space.

Yet shares of the payments leader are still down 62% in 2022, and there is the prospect of a recession hitting early next year. Inflation and energy prices remain high despite recent pullbacks, and the Federal Reserve is still raising interest rates to show it remains hawkish on rising prices and costs.

Block's business is sensitive to the economy, so it's not surprising to see the market giving mixed signals about the stock. Let's see whether the fintech stock has run its course for the time being or it can still move higher.

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Source Fool.com