BitMine (BMNR) Stock Jumps 15% But Misses Critical Recovery Signal By Inches
BitMine stock jumped 15% following a major ETH purchase but failed to confirm a critical technical recovery signal.Summary
BitMine Immersion Technologies (BMNR) stock surged 15% on Monday after announcing the purchase of 69,822 ETH, despite having dropped 42% earlier in the month. This accumulation, equivalent to about 3% of Ethereum's circulating supply, boosted the Relative Strength Index (RSI) out of oversold territory, signaling improved sentiment.
However, the rally has not yet confirmed a sustained bullish reversal. Technically, BMNR is trading near the crucial $31.46 Fibonacci 23.6% retracement level, which acts as a key pivot point. To solidify a recovery, the stock needs consistent buying pressure to reclaim this level.
Currently trading around $31.10, BMNR must hold above the $30.88 support zone. A successful break above resistance at $34.94 could lead to further gains, but failure to capitalize on the current momentum risks a drop back toward $27.80 or $24.64.
(Source：BeInCrypto)