CleanSpark Inc (NASDAQ:CLSK) shares are trading higher on Tuesday. The move follows a significant rally in the broader cryptocurrency market.
Bitcoin Breaks Key Resistance
Bitcoin (CRYPTO: BTC) surged 4.49% over the last 24 hours. The leading digital asset reached a price of $75,346.39 on Tuesday.
This strength provided a massive tailwind for mining operators. The total crypto market cap rose 3.54% to $2.53 trillion.
Sector Momentum and Macro Gains
The broader equity markets are also showing strength. The Nasdaq gained 1.25% today; meanwhile, the S&P 500 rose 0.96%. Investors are piling back into risk assets as Ethereum (CRYPTO: ETH) climbed 6.09% to $2,356.45.
High Short Interest Volatility
Short interest in Bitcoin mining data center developer increased from 84.61million to 86.14 million shares.
This represents 47.2% of the company's public float, with an average daily volume of 19.61 million shares.
Technical Analysis
Cleanspark is sitting in the lower half of its 52-week range of $7.03 to $23.61. The stock is trading 20.7% above its 20-day simple moving average (SMA) and 3.2% above its 100-day SMA.
The moving average backdrop is still mixed: the 20-day SMA remains below the 50-day SMA, and the death cross that formed in February (50-day SMA below the 200-day SMA) is a reminder the longer trend has been under pressure. At the same time, the stock is only 6.2% below its 200-day SMA.
- Key Resistance: $12
- Key Support: $11
CLSK Stock Price Activity: Cleanspark shares were up 6.46% at $11.46 at the time of publication on Tuesday, according to Benzinga Pro data.
Photo by PJ McDonnell via Shutterstock