Circle Stock To $100 As Crypto Market Sentiment Rebounds?

Key Insights

• Circle stock (CRCL) surges 11% as crypto market rebounds with Bitcoin at $94,000.
• Fed rate cut is likely to boost the broader crypto market sentiment.
• Analysts predict CRCL stock price target of $100 amid bullish sentiment.

The crypto stocks have recorded a retreat today as the crypto market slips, following a strong rally in the previous session.

The prior session rally in the stocks came in tandem with a strong recovery in the broader digital assets space.

Circle (CRCL) stock also closed at 11% higher in the last session, indicating a strong confidence of market participants.

Notably, the surge could be attributed to the recovery in the crypto prices this week after a brutal crash.

Bitcoin price has recovered to $94,000 from a plunge to $84,000 this week. In addition, the soaring demand for stablecoins and the latest developments in the space might also have helped gains in the asset.

Amid this, experts are predicting a potential surge in CRCL stock price to $100. Besides, many experts said that the crypto stock is currently at an oversold condition, citing the latest plunge of the asset from its all-time high of around $300.

Circle (CRCL) Stock Dips After Massive Surge

Circle stock closed yesterday’s session at $86.29 on December 3, witnessing a jump of 11.45% from its prior close.

However, in the early trading hours today, the CRCL stock was down nearly 2% and exchanged hands at $84.81 at the time of writing.

Meanwhile, the stock has recorded a strong recovery in recent days, which might have allowed some traders to book profits.

In other words, the recent surge in Circle stock might have caused selling pressure in the market, resulting in the 2% dip in the crypto stock today.

Over the past five days, the crypto stock has added nearly 23%, while losing more than 26% over the past 30 days.

Notably, the stock of the $22 billion firm has seen its 52-week high and low of $298.99 and $64, respectively.

Meanwhile, it seems that the recent plunge in CRCL stock price could be due to the recent crypto market selloff.

However, as BTC recovered from its latest crash, it might have helped gains in the asset, as evidenced by the weekly performance of the asset.

Can CRCL Stock Hit $100 Amid Fed Rate Cut & Crypto Market Optimism?

Amid the soaring demands of the stablecoins, the market experts are predicting a potential Circle stock price surge to $100 in the near future.

The global stablecoin demand is further evident by the European banks’ push to launch a EURO stablecoin to counter the US dominance.

On the other hand, the market is betting heavily on a potential Fed rate cut at the upcoming gathering of the US Federal Reserve.

According to the CME FedWatch Tool, the odds of a likely Fed rate cut now lie at 87%.

This Fed rate cut, if it happens, is likely to provide a boost to the broader financial sector, let alone the crypto market.

Having said that, the market participants are also anticipating the Fed rate cut to provide a boost to the Circle (CRCL) stock price.

Amid this, analyst Mark Chen said that $88.77 marks a key support for Circle stock. He noted that if the support holds, the next target would be at $98 or at $100, which has fueled market optimism.

Considering all these aspects, the market participants are now keeping close track of the broader crypto market performance.

If Bitcoin price and the crypto prices continue to surge, it could help Circle stock reclaim the $100 mark again.