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CleanSpark stock: technicals suggest it could rip higher from here

By: Invezz
cleanspark stock price forecast

CleanSpark Inc (NASDAQ: CLSK) has close to tripled already since its year-to-date low in January but technicals suggest the stock could push further up from here.

Technical indicators that suggest buying $CLSK

Shares of the Bitcoin miner may extend gains as its Stochastic Oscillator pulled out of the oversold zone on Monday. Such a move is broadly seen as a bullish signal.

$CLSK also had its 10-day moving average recently cross above its 50-day moving average which also suggests upward momentum.

Nothing is priced in.

— Dylan LeClair 🟠 (@DylanLeClair_) March 11, 2024

CleanSpark stock is attractive also because its monthly Bitcoin production was up 12% in February. The Nasdaq-listed firm now holds in excess of 4,200 of the world’s largest cryptocurrency by market cap.

Its hashrate grew a whopping 60% to surpass 16 EH/s, as per a press release its posted earlier in March.

CleanSpark stock has upside to $26

Note that Brian Dobson – a Chardan Capital analyst doubled its price target on CleanSpark stock to $26 that suggests another 35% upside from here.

$CLSK may be worth owning particularly because its price is coupled to the Bitcoin that made an all-time high this morning on the back of ETFs-driven inflows.

Still, many believe the price of a BTC will continue to surge higher from here. In fact, Tom Lee of Fundstrat Global Advisors expects it to hit $150,000 over the next twelve to eighteen months as the total supply of Bitcoin is slated to halve next month as well.

Watch here:

Shares of CleanSpark do not currently pay a dividend yield, though.

The post CleanSpark stock: technicals suggest it could rip higher from here appeared first on Invezz

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