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CleanSpark Continues to Fall: Can Support Be Found Soon?

CleanSpark Inc. (NASDAQ:CLSK) shares are trading lower amid overall market weakness as growing COVID-19 concerns and omicron variant uncertainty weigh on market sentiment.

The stock was unable to hold one key level as support. It has been falling and is going to test another key level soon to see if that can hold as support.

CleanSpark was down 8.72% at $10.05 Wednesday afternoon at publication

See Also: Why Bitcoin And Ethereum Related Stock CleanSpark Is Falling

CleanSpark Daily Chart Analysis

Shares fell below the key $13 level and began trading in what traders call a sideways channel. Support in the future may be found near the $7 level.
The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue). This indicates the sentiment is bearish, and each of these moving averages may hold as an area of resistance in the future.
The Relative Strength Index (RSI) has been falling the past few weeks and now sits at 31. This shows the stock is near the oversold region and is seeing many more sellers than buyers.

What’s Next For CleanSpark?

The stock has been falling for a time and heads toward a possible support level near $7. This level would have to hold again as support before long traders should think about entering into the stock. Bulls are looking to see the bounce and for the stock to begin to form higher lows, illustrating a bullish trend is starting. Bears are looking to see the stock continue to fall and for the stock to hold below the moving averages.

Photo: Courtesy CleanSpark

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