Will Hut 8 stock hold the $64.78 support amid downward price move?

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Hut 8 drops 3.65% to $73.41 today

Highlights

HUT/USD trades below key moving averages across all timeframes, indicating persistent downward pressure from sellers.
Multiple indicators register weak momentum and a bearish bias, though short-term overbought signals show heightened volatility.
Price is forecast to remain in a $64.78 to $83.44 range over 2 to 3 days, with a 79% probability of moving lower.

Bearish signals persist as price diverges from overbought oscillators

HUT is trading beneath the MA-20 at $76.44, the MA-50 at $81.1, and the MA-200 at $81.95 on the hourly chart. The Ichimoku Kijun line at $76.39 forms immediate resistance overhead. Momentum indicators reinforce the bearish technical structure: MACD is at Strong Sell, ADX shows a Sell bias, and RSI reads 47.58 (Sell). Stochastic RSI is Overbought while CCI is Neutral, signaling a divergence between fast and traditional oscillators. Bull/Bear Power continues to indicate overbought conditions, suggesting that recent buying was countered by volatility, while the Awesome Oscillator remains Neutral.

Rangebound outlook as downside risk outweighs near-term upside

Over the next 2 to 3 trading days, HUT is expected to remain rangebound between $64.78 and $83.44 based on current volatility. The likelihood of a downward move is elevated at 79%, while upward movement probability is limited to 21%. In the baseline scenario, price should hold within this established corridor. Should HUT break above immediate resistance at $76.39, a further advance to higher resistance becomes possible, while a drop below $64.78 would signal a renewed wave of selling pressure.

Anton Kharitonov, expert at Traders Union, notes that HUT remains under strong selling pressure, with prices trading well below all key moving averages and negative technical signals dominating. He sees no positive news drivers and views momentum as strongly bearish, with resistance likely to cap any short-term upside. Downward probability outweighs bullish prospects for the coming days. "Until HUT reclaims $76.39, I remain defensive and would avoid any long exposure here."

Previously, analysts noted that Hut 8 was exhibiting persistent technical weakness with an elevated risk of further downside. The current technical setup reinforces this bearish outlook, with traders advised to monitor whether the price breaks below $64.78 as a potential trigger for renewed selling pressure.

Source of Data: HUT 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.