By Larry Wright
- MicroStrategy stock has returned about 58% in one month.
- Weak cryptocurrency sentiment previously dented the stock.
- MSTR attracts buyers.
MicroStrategy (NASDAQ: MSTR) has experienced the heat of bearish sentiments within the crypto spectrum. As a corporate entity boasting the highest Bitcoin stash, the market slump dragged its stock towards the $150 value area. That compares to the $1,300 all-time high seen in Feb 2021. Nevertheless, analysts remain optimistic about MSTR due to its attractive price.
MicroStrategy’s 58% monthly gains make the firm an attractive investment. Remember, the stock only needed crypto market recovery to rally upside. Latest trends saw Bitcoin rising to hover near $23K, though still far from its former peaks.
Though we cannot assert that bearish tendencies have ended, we are sure they will end. That would see MSTR recovering and ensure massive profits for investors. Anyone who believes in Bitcoin can add MicroStrategy’s MSTR to his investment portfolio.
MSTR Rallies but Encounters Resistance
The technical outlook shows MSTR bottomed near $166. Market players should watch this reference mark as the stock goes bullish. However, the Moving Average Convergence Divergence stayed inside the bear territory. Nevertheless, the MACD line moved beyond the Moving Average, indicating an incoming bullish strength.
Meanwhile, MSTRS’s upsurges encountered resistance around the $296 mark. That might see investors exiting following the recent gains. As highlighted above, the stock depends on the crypto market, which is yet to gain stability following the latest free fall. Crypto sentiment weakening again would see MSTR correcting to explore the support at $166. Such a move would open doors for new ‘buy’ opportunities. That can also be the narrative if bulls fail to overcome $296. Analysts recommend purchasing MSTR amid retracements or a break past the resistance.
Conclusion
MicroStrategy stock (MSTR) turns bullish as the crypto industry begins uptrends. Monthly gains make the stock attractive to buyers. You can invest in the shares following retracements or breakouts past the resistance at $296. Nevertheless, the company’s massive BTC investments make it susceptible to crypto market fluctuations. Interested investors should watch cryptocurrency trends for profitable undertakings.
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