Amazon Gains Amid Talk of Digital Currency Foray, Cryptos Jump
26 Jul 2021
Amazon (NASDAQ:AMZN) is trading up 0.51% at 3656.64
Amazon (NASDAQ:AMZN) stock was trading higher in Monday’s premarket amid speculation that the Cloud and retail giant is exploring venturing into digital currencies.
It emerged last week that the U.S.’s biggest e-commerce company had advertised a vacancy for a digital currency product lead. It hasn’t given any other indication of its intentions toward crypto, however.
Bitcoin (BitfinexUSD), the largest cryptocurrency by market cap, crossed $39,000 for the first time since June 16, and touched 39,639.9, the day’s highest so far. At 5.20 am ET, it traded at 38,282, almost 11% higher.
The crypto is still about 40% off the April 14 high of 64,778.
Other cryptos surged too. Ethereum ETH/USD was up 8%, Cardano Cardano 10% and Dogecoin DOGE/USD 14%.
Crypto prices have been struggling since a Chinese crackdown on their trading two months ago. China dealt another major blow last month when it shut down cryptocurrency mining projects in Sichuan province.
On technical fronts Amazon (NASDAQ:AMZN) RSI stood at 62.28 and currently stock is trading above all Moving Average. So, BUY position can be taken with following target and stoploss:
TRADE SIGNAL – : Amazon (NASDAQ:AMZN) – BUY: 3656.44, TARGET: 3664.23, STOP LOSS : 3646.17