The post The Bitcoin Mining Company You’ve Never Heard of  appeared on BitcoinEthereumNews.com.

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.…

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Filed under: News - @ October 27, 2023 1:22 am