BitMine’s stock price has fallen seven days in a row as the cryptomarket remains under pressure. Bitcoin, and its top altcoins continue to drop.
You can read more about it here:
- BitMine shares have formed a bearish penny pattern.
- The company continues to collect Etherem coins and has now reached 3.39 millions.
- The total value of its holdings is over $14 billion.
BitMine Immersion’s (BNMR), stock fell to 42.76 dollars, its lowest price since September 8 and 73% lower than its previous high.
It is a crash that has been mirrored by other Digital Assets Treasury Companies, like Strategy Metaplanet or Trump Media, all of which are in a severe bear market.
BitMine’s stock dropped after it announced that the company had purchased 82,353 Ether (ETHThe total number of tokens held by the company is now 3.4million. The current price of its tokens is about $12 Billion, which makes it one of the most important Ethereum treasury companies in the market.
BitMine has other assets, such as 192 Bitcoins (BTCEightco Holdings, worth $62,000,000 and an investment of over $20 million. On its balance, it has cash of $389 millions.
BitMine’s stock price dropped due to the ongoing performance of Bitcoin, and many other crypto currencies. BTC is down over 15% since its high for the year, and Ethereum by 26%.
Positively, Ethereum price has formed a bullish flag The daily chart shows a pattern that suggests a possible rebound, which could improve its performance. Tom Lee, BitMine’s CEO said that the current ETH crash is healthy. He also predicted the rebound of the token. He said:
“Most of the time, price leads fundamentals, but at times fundamentals drive ahead, but price ‘converges higher.’ Crypto suffered its largest ever liquidation event on October 10th, and open interest on ETH fell -45% in the past 8 weeks. This reset is healthy and sets the stage for price and fundamentals to eventually converge,”
BitMine’s chart of stock prices points towards a fall
Charts of the daily time frame show that BMNR’s stock has been declining in recent months. The stock price has fallen from $160 to just $44 since July.
The 50-day moving average has been pushed below by the 25-day Moving Average. The stock has formed a pennant bearish pattern that is marked by a vertical triangle and a horizontal line. The price has moved down below the lower border of the pennant.
BitMine’s Relative Strength Index (RSI) and Percentage Price Oscillator continue to fall. The stock is therefore likely to have a negative breakout. It could go as low as $30, which was the point of lowest price in July.
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Source: crypto.news
