Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Gevo Inc. (NASDAQ:GEVO) shares are trading sharply higher Thursday. The company announced with Chevron Corp. (NYSE:CVX) that the two companies plan to invest in building and operating one or more new facilities that would process inedible cord to use in aviation fuel. This will help lower the carbon intensity in aviation fuels.
Gevo is up 38% to $8.02 at time of publication.
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Gevo Daily Chart Analysis
- Shares look to have broken out of what technical traders would call a pennant pattern and have been pusing higher.
- The price was condensed between narrowing highs and lows before it broke above resistance. After the stock broke above resistance, it saw a period of consolidation and further bullish push.
- The stock is trading above both the 50-day moving average (green), and the 200-day moving average (blue), indicating the sentiment in the stock has been bullish.
- Each of these moving averages may hold as a possible area of support in the future.
- The Relative Strength Index (RSI) has been climbing higher and now sits at the 70, right at the border of the overbought range. This shows a large chunk of buyers pushed into the stock following the news.
What’s Next For Gevo?
Bulls are looking to see the stock continue to break out and move higher. They would then like to see a period of consolidation and for the stock to continue to break out on another leg higher.
Bears would like to see the stock stop moving higher and begin to cool off. When the stock cools off bears want to see it push back down to where it traded within the pennant pattern and fall below where pattern support held. This could cause a further bearish push in time.
Photo: courtesy of Gevo video
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.