CME Group stock edges higher after Bitcoin Cash and Uniswap futures contracts launch

CME Group stock edges higher after Bitcoin Cash and Uniswap futures contracts launch
CME Group stock edges higher today

CME Group launched Bitcoin Cash and Uniswap futures contracts, with the first block trade executed by FalconX and GSR. The stock edges higher on the day, trading at $295.74.

CME price prediction
24H -0.38%
$294.19
48H -0.62%
$293.49
7D -0.8%
$292.94
1M 3.24%
$304.87
3M 8.34%
$319.95
6M 26.78%
$374.39
12M 11.14%
$328.21
Current price: $295.31 1.78 0.61%
Closed 10/20
Daily range 293.37 Arrow from to Icon 299.92
Weekly range 278.74 Arrow from to Icon 294.10
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Highlights

  • CME Group introduced Bitcoin Cash and Uniswap futures contracts in both standard and Micro sizes, with FalconX and GSR executing the first block trade.
  • CME Group stock edges higher on the day, trading at $295.74.
  • Morgan Stanley rates CME Group overweight with a $337 target as 32 of 65 analysts recommend buying the stock.

CME Group said its Bitcoin Cash and Uniswap futures contracts are now officially live. The company set October 19 for the launch, with both standard and Micro contract sizes, according to FinanceFeeds. The inaugural block trade featured FalconX and GSR.

Bullish trend holds as price backs off highs amid overbought signal

CME Group stock opened the session with a gap up from $293.53 to $296.39 and has since given back part of that gain. The price continues to hold above its MA-20, MA-50, and MA-200, maintaining the daily bullish trend. The nearest support is anchored at the prior weekly high of $294.1. RSI at 69.8 is approaching overbought territory, which signals the advance may be getting stretched.

Upside odds dominate as traders watch for a range breakout

To gauge whether the recent move is being embraced by the market, traders should look for a close above the recent range to signal buyer follow-through. Price began the session with a sizeable jump to $296.39 from a previous close of $293.53, only to retreat from those highs. Even so, over the coming trading week, there is a 78% probability of further upside and a 22% chance of a downside move, with the expected trading range between $288.87 and $302.6. A drop below $294.1 would indicate the move is being faded, while the longer-term weekly view remains constructive.

Previously it was reported that CME Group launched round-the-clock Bitcoin Cash futures trading, expanding its suite of derivatives offerings. The current confirmation of live trading and the successful execution of the inaugural block trade reinforces the constructive trend, with traders advised to monitor whether the price can sustain levels above $294.1 as the next indicator of market direction.

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