Robinhood Markets Inc HOOD closed at $22.97 on Thursday, recording a 6.49% acquire. On Friday, the inventory was up 3.35% by 6 a.m. ET in pre-market buying and selling.
Robinhood Crypto Income Up 232%, Inventory Up 80% YTD
Key Indicators Counsel Bullish Rally Forward
Robinhood’s rally comes on the heels of the corporate’s acquisition of cryptocurrency trade Bitstamp Ltd. for $200 million.
The all-cash deal is anticipated to shut within the first half of 2025. It marks a major enlargement for Robinhood; Bitstamp boasts a strong buyer base and over 50 world licenses.
The deal positions Robinhood to develop its presence in essential markets throughout North America, Europe and Asia.
Additionally Learn: Is Robinhood’s Crypto Trade Deal Actually ‘Huge’ And The ‘First Domino To Fall?’
Robinhood’s foray into the crypto realm has already paid off, with cryptocurrency income surging by a formidable 232%.
The worth of crypto belongings held by Robinhood customers has seen a major uptick, reflecting the rising urge for food for digital currencies amongst its buyer base.
Amidst this bold enlargement, Robinhood’s inventory efficiency has been noteworthy.
Over the previous 12 months, Robinhood inventory has skyrocketed by 151.86%, with a formidable year-to-date development of 80.30%.
Technical indicators additional reinforce the bullish sentiment round Robinhood inventory. Buying and selling above its 5, 20 and 50-day exponential transferring averages, the inventory is underneath sturdy shopping for strain.
The eight-day easy transferring common of $21.67, the 20-day SMA of $20.14 and the 50-day SMA of $18.78 all sign a robust bullish momentum.
The 200-day SMA stands at $13.41, making the present worth of $22.97 a beautiful entry level.
The Transferring Common Convergence Divergence (MACD) indicator at 1.17 suggests bullishness, whereas the Relative Power Index (RSI) at 68.18 and treading upwards, signifies the inventory is closing in on being overbought.
Bollinger Bands (25) and (100) additionally level to a bullish sign, with ranges of $15.90 – $23.45 and $9.86 – $23.26, respectively.
Robust technical indicators again up Robinhood’s bullish momentum at a time when the corporate finds itself in a regulatory dispute. The U.S. Securities and Trade Fee not too long ago issued a Wells Discover, doubtlessly resulting in enforcement actions.
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