Will Price Rise Above $1?

Hycroft mining holding is a gold and silver development company. The mining company is engaged in the operation, development, and exploration activities of the Hycroft mine. Hycroft Mine is one of the largest precious metal deposits in the world.

Hymc stock price has been in a downtrend forming lower lows and lower highs since November 2022, falling from the high of $0.87 level. During the start of 2023, HYMC stock price gained bullish momentum to create an annual high at $0.718 level after which it melted down straight to $0.31 in March 2023.

Currently, the stock price has formed support at $0.3140 and started to rise toward the immediate resistance of $0.37. If bulls can break the resistance level, then there is a high probability for the price to head toward $0.40.

The concern is regarding the strong bearish momentum in the price. Traders should be cautious as the price has not shown any major bullish move since starting of May 2023. On the other hand, If bears take control of the price and push it below the $0.3140 support level, there is a high probability for the price to fall to the $0.25 level.

Delisting Notice For Hycroft Mining

Hycroft Mining has already received a delisting notice from Nasdaq on April 3, 2023, and has 180 days to rise above $1. The minimum bid price should stay above $1 for 30 consecutive days to avoid delisting. On September 30, 2023, the period would end.

Hycroft has an option of reverse stock split which means consolidating companies’ shares to increase the price of its stock without altering shareholders’ stakes. Mostly, after the reverse stock split, the stock price is likely to fall.

The net income of the company has been negative since 2019 which indicates the poor financial health of the company. Investors should be aware of the fact that AMC Entertainment invested $27.9 Million in Hycroft Mining.

Will Hycroft Mining Rise Above $1?

HYMC stock price is trading below 20,50,100 and 200-day EMAs indicating bearish momentum. Price will soon cross above 20-day which indicates bullishness on the lower time frames. Chaikin money flow score is -0.25 indicating weakness in the market. RSI trades at 45.66 indicating the same pressure from bulls and bears. RSI has not crossed above the 50 mark since May. Traders should be aware as RSI reaches the near 50 mark.

Conclusion

The overall market structure and price action for Hycroft stock price are still bearish even though the price has slightly gained bullish momentum. The technical parameters are still favoring the selling side. A break above the $0.55 level would indicate a slight trend shift in the price.

Technical levels

Major support: $0.3140 and $0.25

Major resistance: $0.37 and $0.427

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing