Robinhood Markets Inc. (NASDAQ:HOOD) stock surged more than 12% Friday, driven largely by a sharp rally in Bitcoin (CRYPTO: BTC) and renewed optimism over U.S. cryptocurrency regulation.
Bitcoin rose 7.52% over the past 24 hours to $77,703.74, according to CoinMarketCap. Meanwhile, the Nasdaq was up 0.02%, while the S&P 500 gained 0.28%.
White House Crypto Summit Boosts Sentiment
Crypto sentiment gained momentum after policy updates from a White House cryptocurrency summit Wednesday.
The meeting included CFTC Chairman Michael Selig, SEC Chairman Paul Atkins and executives from Coinbase Global Inc. (NASDAQ:COIN), Robinhood, Ripple and Kalshi.
President Donald Trump reiterated his support for U.S. leadership in cryptocurrency. He also urged Congress to pass the CLARITY Act, which would establish regulatory standards for digital assets.
Robinhood Technical Analysis
HOOD is trading above its 20-day SMA of $93.81, 50-day SMA of $100.28, 100-day SMA of $89.80 and 200-day SMA of $96.07. That keeps the intermediate trend pointed higher despite recent volatility.
However, the 20-day SMA remains below the 50-day SMA, signaling a weaker short-term setup. Bulls may look for the shorter-term average to turn higher.
The stock is also approaching an area where its rally could face resistance after the sharp move.
- Key resistance: $120.50, a nearby level where the rally could stall.
- Key support: $93, near the recent trading range and the 20-day SMA.
HOOD Stock Price Activity: Robinhood Markets shares were up 11.60% at $106.14 at the time of publication Friday, according to Benzinga Pro data.
Image via Shutterstock
