Ebang International Shares Rally On Crypto Exchange Announcement: Technical Levels To Watch

Ebang International Holdings EBON shares were mounting a rally Friday following the company’s announcement of a cryptocurrency exchange.

The cryptocurrency exchange will begin beta testing March 15 and launch by the end of the month, according to the company.

Ebang Technical Levels To Watch: The 5-minute chart above shows the stock has been seeing a large rally Friday.

Short-term technical traders may find support near the $9.50 level, as this was an area the price struggled to get over for a while. Below this a secondary level of support near the $8.50 level, as this was an area the stock was previously unable to break out from.

Potential resistance levels may be found near the highs of the day at the $11.30 price level. Bulls would like to see this level break with consolidation above before a further move higher may happen. Bears may like to see the price fall through the levels of support before consolidating and potentially dropping further.

The daily chart shown above has two potential key prices.

The first is near the $9 level, as this area previously held as a support level before it broke below.

This level later held as resistance for a while before breaking back above Friday. The stock now may potentially be able to hold this level again as support.

See also: Best Cryptocurrency

The other key area on the daily chart is near the $11 mark. The $11 price level has held as a resistance on multiple occasions in the past. This gives the hint to technical traders that it may possibly do the same in the future.

Bulls may like to see the price drive above the resistance level and consolidate before the price moves higher. 

Bears would like to see a move below support with come consolidation before the price may move to a lower level.

Ebang International is trading with a market cap of $906 million and a public float of 83 million shares.