Shares of Cipher Mining Inc. (NASDAQ:CIFR) are rose Friday after Jane Street disclosed a 5% passive stake in the company, totaling 19.68M shares.
CIFR stock is showing exceptional strength. Check the full analysis here.
What Else: Cryptocurrency-linked stocks are experiencing a rally in the cryptocurrency sector driven by a recent rise in Bitcoin, according to Benzinga Pro.
Shares of Cipher Mining were up almost 20% following Jane Street’s disclosure, according to Benzinga Pro.
CIFR Analysis: Cipher is trading approximately 72.5% above its 50-day moving average of $12.01 and an impressive 235.4% above its 200-day moving average of $6.17. This substantial premium indicates a strong upward trend, although the relative strength index (RSI) at 55.91 suggests that the stock is in a neutral position, leaving room for further upside without being overbought.
As the stock approaches its 52-week high of $22.00, this level serves as a key resistance point that traders will be closely watching. Given the lack of established support levels, the 50-day moving average may act as a primary support zone, providing a buffer should the stock experience any pullbacks.
Cipher’s market capitalization of $6.79 billion places it among the larger companies in the cryptocurrency mining space, alongside competitors like Riot Blockchain and Hut 8 Mining. This positioning not only highlights Cipher’s growth potential but also its ability to leverage market dynamics effectively.
CIFR Price Action: Cipher Mining shares closed up 19.73% at $20.66 at the time of publication on Friday.
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