INXD's Bullish Momentum Reversal and Technical Overview
Given its double-digit gains yesterday, now is a good time to discuss the rising star of INX Digital (
INXD
) (
INXDF
), a pioneering company that seeks to reshape capital markets through the integration of regulatory-compliant blockchain technology. INX Digital’s primary objective is to establish a regulated trading platform catering to digital securities, cryptocurrencies, and primary capital offerings. This innovative approach combines the expertise of traditional markets with recent breakthroughs in blockchain and fintech. Guided by a proficient team of individuals well-versed in business, finance, and crypto, INX aspires to redefine the capital markets realm.
At the close of yesterday’s trading, both of INX's tickers demonstrated substantial intraday gains; INXD exhibited an impressive uptick of 11.11%, while INXDF showcased a notable surge of 10.54%. These gains offer a promising glimpse into the company's performance potential moving forward.
Turning our attention to its technical profile, INXD's trade volume yesterday was eye-catching, surpassing 700K in contrast to its 3mo average of 142.42K. This >5X surge signifies heightened market interest in the company’s regulated approach to digital assets. INXD's MACD also displayed a positive histogram reversal and x-axis intercept of the signal line, a pattern that often indicates an impending bullish trend.
In parallel to the MACD insights, the PVT exhibited a positive reversal. This observation further bolsters the case for impending bullish price movement over coming days and weeks. The alignment of positive trends in trading volume, MACD, and PVT collectively presents a compelling case for the start of a bullish trend in the immediate future. This outlook is confirmed by ‘buy’ or ‘strong buy’ technical ratings for a 1-month horizon. As I continue to monitor INX Digital's trajectory, all indications point towards the potential for sustained upward momentum.
If you were to ask me infer what caused yesterday's gains given the absence of a public catalyst, it seems that an institutional player may have stepped into the mix. There are two things we can derive from Republic Group & INX’s recent strategic collab. Firstly, given renewed focus on crypto legislation in the US, it could be that institutional investors keenly discern the potential inherent in INX's fully compliant platform. Secondly, insider share purchases necessitate pre-announcements, thereby ruling out the possibility of this coming from the inside.
The motive behind potential institutional involvement would be clear; recent news has highlighted the U.S. government's roll-out of a cryptocurrency taxation framework, which suggests that the Fed is considering broader steps to begin regulating the crypto space. This development could have acted as the catalyst that is drawing prominent institutional investor to consider regulatory-compliant exchanges more seriously, explaining the nearly fivefold surge in yesterday's trading volume. This spike in volume could also signal the beginning of a bullish trend, one similar to what happened following Republic's strategic investment back in June. It will be interesting to see how INXD price action behaves over the coming days, but I’m bullish on this play for the time being.
INXD
) (
INXDF
), a pioneering company that seeks to reshape capital markets through the integration of regulatory-compliant blockchain technology. INX Digital’s primary objective is to establish a regulated trading platform catering to digital securities, cryptocurrencies, and primary capital offerings. This innovative approach combines the expertise of traditional markets with recent breakthroughs in blockchain and fintech. Guided by a proficient team of individuals well-versed in business, finance, and crypto, INX aspires to redefine the capital markets realm. At the close of yesterday’s trading, both of INX's tickers demonstrated substantial intraday gains; INXD exhibited an impressive uptick of 11.11%, while INXDF showcased a notable surge of 10.54%. These gains offer a promising glimpse into the company's performance potential moving forward.
Turning our attention to its technical profile, INXD's trade volume yesterday was eye-catching, surpassing 700K in contrast to its 3mo average of 142.42K. This >5X surge signifies heightened market interest in the company’s regulated approach to digital assets. INXD's MACD also displayed a positive histogram reversal and x-axis intercept of the signal line, a pattern that often indicates an impending bullish trend.
In parallel to the MACD insights, the PVT exhibited a positive reversal. This observation further bolsters the case for impending bullish price movement over coming days and weeks. The alignment of positive trends in trading volume, MACD, and PVT collectively presents a compelling case for the start of a bullish trend in the immediate future. This outlook is confirmed by ‘buy’ or ‘strong buy’ technical ratings for a 1-month horizon. As I continue to monitor INX Digital's trajectory, all indications point towards the potential for sustained upward momentum.
If you were to ask me infer what caused yesterday's gains given the absence of a public catalyst, it seems that an institutional player may have stepped into the mix. There are two things we can derive from Republic Group & INX’s recent strategic collab. Firstly, given renewed focus on crypto legislation in the US, it could be that institutional investors keenly discern the potential inherent in INX's fully compliant platform. Secondly, insider share purchases necessitate pre-announcements, thereby ruling out the possibility of this coming from the inside.
The motive behind potential institutional involvement would be clear; recent news has highlighted the U.S. government's roll-out of a cryptocurrency taxation framework, which suggests that the Fed is considering broader steps to begin regulating the crypto space. This development could have acted as the catalyst that is drawing prominent institutional investor to consider regulatory-compliant exchanges more seriously, explaining the nearly fivefold surge in yesterday's trading volume. This spike in volume could also signal the beginning of a bullish trend, one similar to what happened following Republic's strategic investment back in June. It will be interesting to see how INXD price action behaves over the coming days, but I’m bullish on this play for the time being.