Hut 8 Stock Moves Higher With Momentum Indicators Flashing Green

Hut 8 Corporation (NASDAQ:HUT) is in the spotlight Friday amid strength in Bitcoin. The company has also received a flood of analyst coverage over the past few weeks.

Analyst Upgrades Signal Confidence In Hut 8

Most recently, Keefe, Bruyette & Woods analyst Bill Papanastasiou maintained an Outperform rating on Hut 8 and raised the price target from $30 to $55. Furthermore, Canaccord Genuity analyst Joseph Vafi maintained a Buy rating on Hut 8 and raised the price target from $54 to $62.

In addition, Rosenblatt analyst Chris Brendler maintained a Buy rating on Hut 8 and maintained a $65 price target. Lastly, BTIG analyst Gregory Lewis reiterated a Buy rating on Hut 8 and maintained a $55 price target.

Understanding The Bullish Momentum Indicators

Hut 8 is currently showing strong bullish momentum, trading well above key moving averages. This positioning suggests a favorable technical setup for traders, indicating potential for continued upward movement.

The RSI is currently neutral, which means the stock isn’t in overbought or oversold territory. This neutral reading implies that there’s room for price movement in either direction without immediate pressure from momentum indicators.

MACD is currently above its signal line, indicating bullish momentum in the stock. This suggests that the trend is strong, and traders might see further price appreciation if this momentum continues.

Key resistance is set at $54.00, while support levels are currently undefined. If the stock approaches the resistance level, traders should watch for a potential breakout, while a drop could signal a trend reversal if support is established.

The golden cross in July indicates a shift in momentum, with the 50-day SMA crossing above the 200-day SMA. This crossover typically signals a longer-term bullish trend, reinforcing the current positive outlook.

Over the past 12 months, Hut 8 Corp. has experienced a remarkable 130.01% increase. This strong performance highlights the stock’s upward trajectory and suggests that the bullish sentiment may persist.

Currently, the stock is trading at 85.4% of its 52-week range, indicating it’s closer to its highs than lows. This positioning suggests that traders should be cautious of potential pullbacks but also optimistic about the stock’s strength.

Traders should keep an eye on the resistance level at $54.00, as a break above could lead to further gains. The overall technical picture remains bullish, with strong momentum indicators supporting the upward trend.

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HUT Price Action: At the time of writing, Hut 8 shares are trading 12.8% higher at $51.83, according to data from Benzinga Pro.

This illustration was generated using artificial intelligence via Midjourney.