Will Bakkt stock hold support as weak momentum weighs on price?

Traders Union
All News
Stocks
Bakkt slides 6.42% to $7.73 today

Highlights

Bakkt introduced an international transfers service that enables users to send money to over 75 countries in 29 local currencies via stablecoins and local payment networks.
This rollout expands Bakkt stock's global reach and product mix, with implications for higher future transaction volumes and new fee-based revenue streams.
Shares of Bakkt stock closed at $7.73 after falling 6.42% and trade below key moving averages, with technical indicators showing diverging signals and an expected range of $7.29 to $8.17.

International transfers launch expands reach amid persistent selling pressure

Bakkt has launched its international transfers service, allowing users to move money across more than 75 countries, with transactions settled in 29 local currencies through stablecoins and direct links to local payment networks, according to Coinfomania. This development expands BKKT's geographic footprint and diversifies its product suite, potentially increasing transaction volumes and introducing new fee-based revenue over time. While the new offering may enhance long-term growth potential, recent price action has remained under broader selling pressure.

Resistance at $8.3 as mixed momentum underscores underlying weakness

On the technical front, BKKT closed the session at $7.73, remaining below its MA-20 and MA-50 on the hourly chart and far below the MA-200 on the daily timeframe. The Ichimoku Kijun at $8.3 is serving as immediate resistance. Oscillator readings show mixed momentum: MACD flashes a Buy, with additional bullish indications from both CCI and Bull/Bear Power, while RSI holds at 52.15. However, Stoch RSI points to a Sell, and both ADX and Awesome Oscillator reflect a neutral stance. The recent close near the session low, following a volatile day and leaving a small gap of $0.13, reinforces the underlying weakness seen in the setup.

Downside risk prevails as range-bound forecast guides near-term action

In the short term, BKKT is expected to trade within a range of $7.29 to $8.17, reflecting the typical volatility band relative to current levels. There is a 75% probability of a downside move, with the baseline scenario forecasting that price action remains confined to a sideways corridor within this band. Should BKKT decisively clear resistance at $8.3, additional gains toward the upper end of the forecast become possible, while a drop below $7.29 would likely accelerate bearish momentum and open further downside risk.

Anton Kharitonov, expert at Traders Union, sees Bakkt’s international transfers launch as a positive step for long-term growth but remains wary of short-term price action. Technically, the stock remains weak below key moving averages with resistance at $8.3 and a 75% probability of further downside. The analyst maintains a cautious stance until price action confirms a reversal. "Unless BKKT reclaims $8.3, I remain defensive and see no compelling reason to chase upside."

Earlier, analysts noted that Bakkt's strategic focus on scaling transaction volumes and strengthening its global presence could support a bullish bias, albeit with mixed technical signals. The launch of international transfers adds a new dimension to this narrative, but with technicals showing persistent weakness and a 75% probability of a continued downside move, traders should closely monitor the $7.29 support level for signs of further bearish momentum.

Source of Data: BKKT Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.