Cipher Digital Inc. (NASDAQ:CIFR) stock traded higher Thursday as crypto-linked assets gained momentum.
Comments from Federal Reserve Gov. Christopher Waller may have added to the risk-on sentiment. Waller said he is inclined to support keeping interest rates steady, according to Benzinga Pro. His remarks eased concerns about tighter monetary policy, which can weigh on speculative assets such as cryptocurrencies and crypto-linked stocks.
Bitcoin (CRYPTO: BTC) climbed to $80,000, supported by lower yields and a weaker dollar. The Nasdaq rose 1.07%, while the S&P 500 gained 0.96%. Market breadth was also firmly positive, with 10 sectors advancing.
Cipher Digital Expands Gas Pipeline Infrastructure
Separately, Cipher Digital said Thursday that it started developing lateral pipelines across multiple sites.
The pipelines will connect the company’s facilities to nearby natural gas supplies. The infrastructure could support up to 2.5 gigawatts of on-site power generation.
Cipher Digital plans to use the capacity to expand and lease industrial-scale data centers to major tenants. The facilities will support high-performance computing workloads.
The company will work with power providers to develop the required generation infrastructure. Cipher Digital is targeting power availability before the end of 2027.
See More:
Top Quality Stocks
Technical Analysis
CIFR remains in a repair phase on the longer-term chart. The stock trades 13.5% below its 50-day simple moving average of $19.60. It is also 18% below its 100-day SMA of $20.68 and 7.7% below its 200-day SMA of $18.36.
However, CIFR trades 3.2% above its 20-day SMA of $16.42. That suggests the latest rebound is starting to stabilize the short-term trend.
The relative strength index stands at 47.86, signaling neutral momentum. The stock is neither overbought nor oversold.
The moving-average structure remains mixed. The 20-day SMA is below the 50-day SMA, which points to a bearish intermediate trend. However, the 50-day SMA remains above the 200-day SMA, supporting a more bullish longer-term setup.
The June swing high, which also marked the 52-week high, remains an important upside level. Meanwhile, the August swing low provides a key downside reference point.
- Key Resistance: $18. The round-number level sits near the 200-day SMA of $18.36 and could limit further gains.
- Key Support: $16. The level is close to the 20-day SMA of $16.42 and could provide near-term support.
CIFR Stock Price Activity: Cipher Digital shares were up 11.99% at $17.00 at the time of publication Thursday, according to Benzinga Pro data.
Photo via Shutterstock
