Cipher Digital Inc. (NASDAQ:CIFR) stock fell more than 8% Wednesday as investors pulled back from riskier assets amid broad market weakness. The Nasdaq Composite fell 0.30%, while the S&P 500 declined 0.41%.
Cipher Digital’s decline appears tied to broad market weakness and profit-taking after Tuesday’s sharp rally.
Technical Analysis
Cipher Digital shares remain up 84.87% over the past 12 months. However, the intermediate trend has weakened.
The stock trades 10.8% below its 50-day simple moving average of $19.14. It is also 17.5% below its 100-day SMA of $20.68 and 7.3% below its 200-day SMA of $18.41.
The relative strength index stands at 47.96. That signals neutral momentum rather than oversold conditions.
The moving-average picture is mixed. The 20-day SMA sits below the 50-day SMA, a bearish signal. However, the 50-day SMA remains above the 200-day SMA.
Traders may watch $18 as a key resistance level near the 200-day SMA. Meanwhile, $16 could serve as near-term support.
Cipher Digital reached its 52-week high of $30.14 in June. Since then, shares have pulled back sharply from that peak.
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Cipher Digital Analyst Outlook
The stock has a Buy consensus rating and an average price forecast of $30.73 across 24 analysts. Forecasts range from $22 to $47.
Rosenblatt maintained its Buy rating and $30 price forecast on Sept. 4. JPMorgan lowered its price forecast to $22 from a higher level while maintaining an Overweight rating on Aug. 7. Keefe, Bruyette & Woods maintained an Outperform rating and lowered its price forecast to $28 on Aug. 6.
Benzinga Edge Rankings
Cipher Digital has a Momentum score of 91.11 on the Benzinga Edge scorecard, indicating strong longer-term momentum despite Wednesday’s selloff.
However, momentum stocks can move sharply in either direction when market sentiment changes. That makes support and resistance levels particularly important for short-term traders.
Cipher Digital Top ETF Exposure
Cipher Digital has a 4.61% weighting in the Corgi Crypto Infrastructure ETF (NASDAQ:BLCK), a 6.23% weighting in the Nicholas Crypto Income ETF (NYSE:BLOX) and a 5.47% weighting in the Global X Blockchain ETF (NASDAQ:BKCH).
Because Cipher Digital represents a meaningful portion of these funds, ETF inflows and outflows can contribute to buying or selling pressure in the stock.
CIFR Price Action
CIFR Price Action: Cipher Digital shares were down 8.21% at $16.99 at the time of publication Wednesday, according to Benzinga Pro data.
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