The newly formed Bitcoin mining company, Cipher Mining, Inc. (NASDAQ: CIFR), has received a lot of attention recently. The CIFR stock price fell to a rock bottom point of $0.4030 back at the end of December last year. Upon the arrival of the bulls, the significant resistance level of $1.18 was broken, leading to an uptrend that also broke additional primary resistance levels.
The Rise of CIFR
During June this year, the stock took a recognizable bounce from its trendline. This at last brought a breakout to its 52-week high of $5.3. Nonetheless, from that point forward, the stock has been in a descending pattern, with its cost encountering a critical decay. This pattern has been a reason for worry for some financial backers, as it brings up issues about what’s in store possibilities of the stock and the organization behind it.
Technical Analysis and Prediction of the CIFR Stock Price
Currently, the CIFR stock price is at $3.54. The bulls have successfully regained the support level of $3.05, leading to an uptrend. Despite the downtrend, the 50-day exponential moving average (EMA) line is still in crossover with the 150-day EMA. Moreover, the bulls have managed to take the stock above the EMAs, indicating another bullish strength.
What is the Relative Strength Index Showing?
Apart from the support and resistance levels, the Relative Strength Index (RSI) is also showcasing some significant information. The RSI reached its oversold zone of 28 in September-end and it has been rising since then.
Currently, it has touched the overbought level of 70, while its Simple Moving Average (SMA) line is lagging at 50. This huge gap between the two indicators will eventually lead to the RSI coming down to bridge the gap. Consequently, it will result in some consolidation in the CIFR stock price.
A Shallow Price Prediction
The CIFR stock price prediction looks positive as the volume is consistently increasing with more buyers entering the market. Even when viewed on the 5 and 15-minute time frames, there are relatively fewer sell-offs from the bears. Additionally, the CIFR stock is receiving support from its 50 EMA on both the 5 and 15-minute time frames. If things take a negative turn, the stock may experience a price drop until it reaches its support level.
Conclusion
Cipher Mining, Inc. (NASDAQ: CIFR) is a bitcoin mining company. The CIFR stock price started growing back at the end of December. Currently, the stock is in an uptrend and the prediction is bullish looking at the current bullish volume.
Technical Levels
- Support: $3.05, and $2.29
- Resistance: $3.83, and $4.68
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 in stocks or related indexes comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/26/cifr-stock-the-bitcoin-mining-company-youve-never-heard-of/