Today’s trading session has seen an aggressive push to the upside for the Argo Blockchain share price. Currently, up by 7 per cent, the push is not surprising, with yesterday’s trading session also being as aggressive, with prices surging by 13 per cent.
Part of the reason why we are seeing increased activity in the markets is due to the recent resurgence of Bitcoin and other cryptocurrencies. For instance, in the past five days, Bitcoin is up by 7 per cent. Its prices are also looking positively bullish. This may be a signal of recovery for the cryptocurrency industry. Argo, being one of the largest Bitcoin investors with huge Bitcoin mining operations, has seen its shares being lifted by the current bull push in the crypto markets.
The other reason we are seeing the company’s prices rise is its change of business operations earlier this year when it set up the Innovation division, Argo Labs. The new arm has seen the company develop strategic diversification and network participation, which may be contributing to the current bull rally.
Argo Blockchain Share Price Prediction
Despite the past few days showing Argo blockchain trading aggressively, investing in cryptocurrencies at this time is still a high-risk activity. For example, looking at the chart below, the share prices are up by 15 per cent since Tuesday. During that time, the share price had also risen by 30 per cent before dropping to the current level.
At press time, the Argo blockchain share price is trading at a 38p price level and is up by 14 per cent for the month. In the short term, I expect the current bullish trend to continue. There is a high likelihood that we will see the current price break yesterday’s price high of 43p. There is also a high likelihood that we will see prices push past the 43p price level and possibly hit the 50p psychological level.
My bullish trade analysis, however, will be invalidated should the prices retreat and trade below Tuesday’s opening price of 34p. At that point, the bear market will have won, and you should expect the bearish trend to continue.