Hut 8 Corp (NASDAQ:HUT) shares are trading sharply higher on Wednesday. The jump comes as broader markets react to easing geopolitical tensions and a recovery in the cryptocurrency sector.
The Nasdaq is up 2.92% while the S&P 500 has gained 2.36%.
Ceasefire News Ignites Tech Optimism
Investor sentiment shifted positively following reports of a tenuous ceasefire agreement between President Donald Trump and Iran, despite Israel’s ongoing attacks against Lebanon.
Still, traders are betting on a swifter end to the Middle East conflict, reducing the macro risk premium that has weighed on high-growth assets.
Also, Bitcoin (CRYPTO: BTC) was trading 4.13% higher at $71,683.27 over the last 24 hours. As an energy infrastructure platform, Hut 8 derives its primary revenue from its compute segment, which includes Bitcoin mining and GPU-as-a-Service operations.
Technical Analysis
At $61.17, Hut 8 is trading 22.6% above its 20-day simple moving average (SMA), the stock's average price over the last 20 sessions. It's 22.6% above its 100-day SMA.
Moving average convergence divergence (MACD), a trend/momentum measure, shows the MACD line at -0.7874 above the signal line at -1.0372.
Hut 8's 450.18% 12-month gain shows a powerful longer-term uptrend. With price now near the upper end of its $10.10 to $66.07 52-week range.
- Key Resistance: $62.00
- Key Support: $53.50
HUT Stock Price Activity: Hut 8 shares were up 16.20% at $61.19 at the time of publication on Wednesday, according to Benzinga Pro data.
Photo: Miha Creative / Shutterstock