Tom Lee’s Prediction Lifts BMNR Price Hopes, but the Rebound Still Faces a Key Test
Despite a recent 22.7% drop, BMNR shows signs of a short-term rebound supported by bullish volume divergence, though a key test hinges on Ethereum's stability.Summary
The BitMine (BMNR) stock recently dropped nearly 23% to under $26, although it remains up over 160% in six months. Technical indicators like On-Balance Volume (OBV) and Chaikin Money Flow (CMF) show bullish divergence, suggesting large buyers are accumulating despite the falling price, which hints at a potential short-term rebound.
This potential rebound is linked to Tom Lee's optimistic outlook for Ethereum (ETH), as BMNR and ETH share a moderate correlation (0.47). Lee suggests institutional accumulation of BMNR often precedes ETH buying, and his prediction of ETH reaching $7,000 could fuel BMNR's recovery.
The key test for BMNR is reclaiming the $32.58 resistance level while CMF improves. If successful, BMNR could target $36.88 or $43.82, especially if ETH gains momentum. However, if the 50-day EMA crosses below the 100-day EMA and ETH weakens, BMNR risks falling to support near $20.69.
(Source：BeInCrypto)