Skybridge Capital founder Anthony Scaramucci remains bullish on bitcoin, dismissing the notion that the potential benefits of the upcoming halving are already priced in. He emphasized that bitcoin has significant room for further growth, noting that the crypto could “trade to half of the valuation of gold,” which translates to a potential six to tenfold […]
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Nike (NKE -6.90%) recently announced its fiscal 2024 third-quarter earnings results (for the quarter ending Feb. 29), and the updated Wall Street opinions are starting to roll in. Several analysts covering the stock simply reiterated their forecasts after the footwear giant revealed weak sales trends. But Nike also attracted a significant downgrade from one analyst.
Let’s look at why the analyst sees almost no upside potential for the stock over the next year.
An analyst at RBC Capital lowered the agency’s rating on the stock to a hold from a buy following the Q3 earnings report. RBC reduced its 12-month price target on Nike shares as well, down to $100 per share from $110 per share. Given that the stock was trading at about that level before the earnings report, this suggests little room for growth in Nike’s stock over the short term. Shares currently trade at about $94.
It’s true that Nike’s earnings update left a lot to be desired. Sales were essentially flat in Q3. That result stands in contrast to footwear industry peers like Deckers Outdoor, which saw strong growth in the most recent quarter. The lack of analyst enthusiasm likely is related to Nike executives forecasting continued sluggishness ahead through at least the rest of 2024.
Nike has been cutting inventory for over a year, and so this demand shortfall isn’t harming earnings by much. Profit fell by just 3% on a per-share basis this past quarter, for example. But the prospects for a growth rebound do seem limited as retailers continue to cut their inventories. As a result, investors might want to look toward more successful athletic shoe and apparel manufacturing peers such as Deckers and Lululemon Athletica before jumping into Nike stock.
Demitri Kalogeropoulos has positions in Nike. The Motley Fool has positions in and recommends Lululemon Athletica and Nike. The Motley Fool recommends the following options: long January 2025 $47.50 calls on Nike. The Motley Fool has a disclosure policy.
Amidst widespread bullish sentiment surrounding Bitcoin, one analyst on X thinks the leg up won’t be as strong as it was in the past few weeks. Pointing to developments in the Bitcoin log curves, the analyst expects the coin to find resistance as it attempts to break higher.
The analyst doubts the current excitement around the uptrend, and technical formations advise the contrarian view. Many in the industry think Bitcoin will not only ease past $70,000, a round number nearly tested this week, but also float to $100,000 in the next few weeks.
On X, the analyst remains confident about the coin’s prospects. However, based on the Bitcoin log curve assessment, the leg up will likely be labored. The analyst compares the current price formations with the Bitcoin log curves. In 2021, the tool was used to identify price peaks.
Based on price formation, the analyst notes that if BTC peaks in 2024, then prices will likely turn around from between $77,000 and $149,000. These prospective peaks’ upper and lower bands represent layers 5 and 7 of the log curve.
Even with BTC possibly rising to $149,000, at least from the tool, the Layer 7 target is relatively lower. By factoring in a one-year slowdown in growth, the predicted peak is revised downwards from $180,000 to $149,000.
When writing, the “red band” of the log curve has been breached earlier than usual. Looking back, Bitcoin prices tend to peak three months after this breakout.
That likely places Bitcoin’s peak at around the $77,000 level but below $100,000. Nonetheless, this is hard to predict, considering the volatile nature of prices and the dynamic nature of fundamental factors.
The community remains optimistic about what lies ahead. So far, Bitcoin prices have been trending at historical highs, but there has been a sharp drop in the momentum of upside.
The daily chart shows that prices are still inside the bear bar of March 5. The candlestick had a high trading volume and was wide-ranging. For the uptrend to be valid, prices must break above $70,000, based on rising trading volume.
Lower prices incentivize issuers to spot Bitcoin exchange-traded funds (ETFs) to load up on dips. Their actions have spurred demand over the past few weeks, lifting sentiment and prices. According to Coinstats’ Fear and Greed Index, “extreme greed” exists in the market.
Feature image from DALLE, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
It’s been a tough couple of years for Okta (OKTA 1.11%) investors. After enduring the worst downturn in more than a decade, the cybersecurity specialist suffered a high-profile security breach in mid-2023. Growth slowed to a crawl, and confidence waned.
However, Okta’s quarterly results have vaulted the company back into Wall Street’s good graces, and at least one analyst believes there’s much more to come.
In the wake of the company’s impressive financial results, Bank of America upgraded the stock to buy from underperform (sell) — a rare double upgrade, according to The Fly. At the same time, BofA analysts more than doubled their price target on the stock to $135, up from $64. For those keeping score at home, that represents potential upside of 55% compared to Wednesday’s closing price — though the stock was up considerably before trading closed on Thursday.
The analysts cited Okta’s strong results, suggesting the company is poised to outperform over the coming year. Furthermore, the analysts believe Okta’s guidance was “overly conservative,” suggesting there’s even more upside than what management’s forecast suggests. This could drive Wall Street’s estimates higher over the coming 12 months, making it the year of “beat & raise.”
The analysts were far from alone in their enthusiasm. Okta earned no fewer than 17 analyst price target increases, with two issuing upgrades.
It’s hard to fault their logic, and I believe the analysts are on to something. Okta’s management has a history of being conservative with its guidance, and the evidence suggests that the fallout from the company’s high-profile data breach appears to have been both minimal and short-lived.
The stock is currently selling for 6 times next year’s sales, so there’s a bit of growth baked in. However, considering the improving economic outlook and the ongoing need to implement security solutions, Okta stands at the crossroads of a bright future. Despite that opportunity, the stock still trades 63% below its 2021 peak.
Given its progress thus far, I think it’s finally time to buy Okta stock.
Bank of America is an advertising partner of The Ascent, a Motley Fool company. Danny Vena has positions in Okta. The Motley Fool has positions in and recommends Bank of America and Okta. The Motley Fool has a disclosure policy.
Wall Street turned in a banner performance in 2023. When the curtain closed, the Dow Jones Industrial Average had managed to hit multiple record highs, while the S&P 500 and Nasdaq Composite shot higher by 24% and 43%, respectively. A fresh bull market has emerged, and growth stocks are to thank for it.
Although the “Magnificent Seven” have collectively taken credit for the outperformance of the S&P 500 and Nasdaq Composite since the start of 2023, no megacap growth stock has stood out more than semiconductor company Nvidia (NASDAQ: NVDA). Shares have skyrocketed more than 327% in less than 13 months, with the company tacking on more than $1 trillion in market value.
Nvidia’s outperformance is a reflection of the company becoming the infrastructure backbone of the artificial-intelligence (AI) movement. The company’s A100 and H100 graphics processing units (GPUs) are expected to account for up to 90% of the GPUs being put to work in high-compute data centers in 2024.
In particular, Nvidia’s pricing power with its AI-focused GPUs has been off the charts due to GPU scarcity. This phenomenal pricing power has been a big help to Nvidia’s gross margin, given that its cost of revenue has moved only modestly higher.
But this top-performing megacap stock is set to face mounting headwinds in 2024 (and beyond). Ironically, ramping up production of its A100 and H100 chips is likely to be a net negative for its gross margin. A substantial uptick in GPU production will reduce AI-GPU scarcity and diminish the company’s pricing power.
At the same time, competition in AI-inspired GPUs will progressively increase. Advanced Micro Devices and Intel know a thing or two about innovation and data center operations. Both companies are direct competitors to Nvidia’s high-compute data center dominance.
I’ll also add that U.S. regulators are doing Nvidia no favors. On two separate occasions, regulators have imposed restrictions on what chips the company can export to China, the world’s No. 2 economy by gross domestic product. Even GPUs that Nvidia designed specifically for China have been restricted. These export limitations could cost Nvidia billions of dollars in potential sales each quarter.
Lastly, every next-big-thing investment over the past three decades has eventually gone through an initial bubble period. Wall Street and investors historically overestimate the uptake of new technologies and innovations. AI is unlikely to be the exception to this rule, which means Nvidia could be in for a challenging year.
Although Nvidia has proved me and other skeptics wrong through the first month of 2024, there are enough red flags to suggest investors should avoid Nvidia, or perhaps forget about it altogether, until its valuation makes more sense.
But just because Nvidia is rife with warning signs, it doesn’t mean all high-growth stocks are worth avoiding. What follows are two supercharged growth stocks with far more tantalizing upside in 2024 than Nvidia.
The first fast-paced stock that has the tools in place to outperform Nvidia in 2024 is edge computing company Fastly (NYSE: FSLY).
Fastly is best-known for its content delivery network, which is tasked with moving data from the edge of the cloud to end users as quickly and securely as possible. The clear catalyst for Fastly is the expectation that content consumption will continue to climb, thus requiring ever-increasing network capacity. Since Fastly is a usage-driven business, the accelerated shift we’ve witnessed of data online and into the cloud following the COVID-19 pandemic is a good thing.
While it’s not been a straight-line expansion for Fastly, many of the company’s key performance indicators are moving in the right direction.
From the end of 2021 to the close of business in September 2023, enterprise customer count rose by 80 to 547; average enterprise customer spend increased from $704,000 to $832,000; and the company’s dollar-based net expansion rate (DBNER) stayed firm between 118% and 123%. DBNER implies that existing clients are consistently spending between 18% and 23% more on a year-over-year basis, which, once again, is great news for Fastly’s usage-driven operating model.
Another reason Fastly stock can fly is the strength of its management team. In September 2022, Todd Nightingale took over as CEO. Nightingale came over from Cisco Systems, where he developed the strategy for the company’s Enterprise Networking and Cloud segment. Not only has Nightingale brought innovation to the table, but he keenly understands how to reduce costs, which is something Fastly sorely needed after larger-than-anticipated losses in 2021 and throughout most of 2022.
With Nightingale steering the ship, Fastly has a real opportunity to turn the corner to recurring profits this year. Considering Wall Street expects a 30% annualized earnings growth rate from Fastly over the next five years, it looks like a shoo-in to outpace Nvidia in 2024 (and beyond).
The second supercharged growth stock that offers significantly more upside in 2024 than Nvidia is online-services marketplace Fiverr International (NYSE: FVRR).
If there’s a knock against Fiverr, it’s that the company is cyclical. Economic downturns and contractions are often associated with an increase in the unemployment rate. Since Fiverr’s operating model helps connect freelancers with businesses that desire their services, a strong labor market and economy are needed.
But here’s the thing: Recessions are historically short-lived. Since World War II ended in September 1945, there have been 12 official recessions, and none have surpassed 18 months in length. That compares to two expansions that hit the decade mark. Over longer periods, betting on the American economy to thrive has been a smart move.
Another macro factor working in Fiverr’s favor is the changing dynamic of the labor market following the COVID-19 pandemic. Though some people have returned to the office, more workers than ever are operating remotely. This permanent shift in the workforce plays right into Fiverr’s long-term growth plans.
One of the key differentiating factors for Fiverr is how its freelancers price their services. Whereas most competing online-service marketplaces allow freelancers to price their work at an hourly rate, Fiverr’s freelancers list their tasks as an all-inclusive price. The price transparency with Fiverr is unparalleled, which is probably why spend per buyer has continually climbed.
But the real driving force behind Fiverr’s growth is its take rate — i.e., the percentage of each deal negotiated on its platform, including fees, that it gets to keep. While key competitors are enjoying take rates in the mid-teens, Fiverr’s expanded to 31.3% in the September-ended quarter.
Fiverr is taking a progressively bigger cut, yet its freelancer base and spend per buyer have steadily grown. This ideal recipe is expected to result in triple-digit annualized earnings growth over the next five years.
Should you invest $1,000 in Fastly right now?
Before you buy stock in Fastly, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Fastly wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*.
*Stock Advisor returns as of January 29, 2024
Sean Williams has positions in Fastly, Fiverr International, and Intel. The Motley Fool has positions in and recommends Advanced Micro Devices, Cisco Systems, Fastly, Fiverr International, and Nvidia. The Motley Fool recommends Intel and recommends the following options: long January 2023 $57.50 calls on Intel, long January 2025 $45 calls on Intel, and short February 2024 $47 calls on Intel. The Motley Fool has a disclosure policy.
Forget Nvidia: These 2 Supercharged Growth Stocks Offer More Tantalizing Upside in 2024 was originally published by The Motley Fool
A number of tanker stocks are well positioned to benefit from the fallout from the disruption to Red Sea shipping caused by the Houthi attacks on cargo ships, according to Evercore ISI.
“It appears only a black swan event could overwhelm what is an incrementally strong supply/demand backdrop for the industry… and the current black swan in the form of Red Sea diversion is more likely to add upside,” wrote Evercore analyst Jonathan Chappell, in a note released Wednesday. “Capacity adds remain muted well into 2026, and despite macro fears, oil demand projections continue to increase. Utilization is pegged to move higher in the next two years, driving further rate and stock upside.”
As a result of the attacks, some major shipping companies have re-routed their ships to travel around the Cape of Good Hope in South Africa, which results in a longer voyage. But Evercore sees the unfolding scenario as benefitting tanker stocks.
Related: UPS ‘a good value proposition’ for shippers amid Red Sea attacks, says T.D. Cowen
“It has been this evolving situation, rerouted ships, skyrocketing insurance, and uncertainty regarding the duration to the disruption that has helped tanker stocks catch a bid that finally narrowed the large valuation gaps at which most equities were trading throughout 2023,” wrote Chappell. The analyst also noted the recent strength in the tanker stocks, which are up 1 to 33% and 14% on average over the last three months. The S&P 500 index
SPX
is up 16.8% over that period.
Set against this backdrop, Evercore raised its price target for Ardmore Shipping Corp.
ASC,
and Scorpio Tankers Inc.
STNG,
which skipper petroleum-product tankers, to $20 from $18 and to $89 from $80, respectively. The analyst firm also raised its target for crude-oil tanker company DHT Holdings Inc.
DHT,
to $14 from $13 and increased its price target for tanker group Frontline PLC
FRO,
to $29 from $24. Shipping company Nordic American Tankers Ltd.’s
NAT,
price target was increased to $5 from $4.50 by Evercore and tanker operator Teekay Tankers Ltd.’ s
TNK,
price target was raised to $77 from $65. Evercore raised its price target for Danish tanker owner Torm PLC
TRMD,
to $42 from $38. Evercore has an outperform rating for Ardmore, DHT, Frontline, Scorpio Tankers, Teekay Tankers, and Torm, and an in line rating for Nordic American Tankers.
“Headline-risk notwithstanding, we believe a seasonal pullback in rates and some minor risk to 4Q EPS and 1Q ‘guides’ could result in near-term profit taking,” the analyst added. “As such, we’d pause on adding to positions through February before becoming more aggressively long in the spring.”
Related: Fallout from Red Sea attacks could boost this sector’s margins, says T.D. Cowen
The 2-year fundamental outlook for tanker stocks remains robust, according to Evercore. “As we also roll our price targets to yearend 2024 NAVs [Net Asset Values], there still appears to be material upside across the group.”
“The fundamentals for the tanker sector remain robust through 2025, at least, and any headline risk that could potentially derail that outlook is effectively impossible to predict,” Chappell added. “So long and strong is the way to think about the group over the next 12 months.”
The attacks by Houthi rebels, who control much of Yemen, have prompted a U.S. led-coalition to launch air strikes against the group. On Wednesday U.S. forces conducted strikes against two Houthi anti-ship missiles that were aimed into the Southern Red Sea and were prepared to launch, according to the U.S. military’s Central Command.
Related: Shipping stocks rise as latest Houthi attack thrusts dry bulk fleet into the spotlight
The Red Sea is a critical shipping lane for cargo traveling through the Suez Canal. Approximately 12% of global trade and 30% of global container traffic traverses the Suez Canal, transporting $1 trillion of goods per annum, the government of New Zealand reported in 2021.
The decentralized Oracle network Chainlink and its native token LINK have grown impressively in the past month. Despite experiencing a correction since late December, where LINK reached a 20-month high of $17.6, the token has shown signs of renewed bullish momentum.
Renowned crypto analyst Ali Martinez has identified a robust demand zone for Chainlink between $14.8 and $15.2, slightly below its current trading price of $15.415.
Within this range, many addresses (17,650) purchased 85.12 million LINK. With limited resistance, LINK appears to be well-positioned to advance towards the $20 mark.
Based on the analyst’s observations, if the current bullish momentum witnessed over the past seven days persists, LINK could swiftly reach the $20 price level. Looking at LINK’s 1-day chart, the next resistance levels to overcome before potentially climbing toward $20 are $15.55, $16.69, and $16.92. Breaching these levels would pave the way for a clear path towards the $20 milestone.
However, it is important to note that in the absence of major resistance walls, the battle for the next direction of LINK’s movements remains equally balanced. In the event of another price correction or selling pressure, the token lacks significant support walls to rely on.
Analyzing LINK’s 1-day chart, the first support level in the event of a drop would be around $14.22. If this level is breached, the next support stands at $13.31. A further decline could test the support at the $11 price level. A breach of this level could signify a breakdown in the four-month bullish structure of LINK.
Despite the battle for supremacy between LINK’s bulls and bears, the protocol’s ecosystem has shown notable growth in key metrics since the last update. For example, Chainlink’s circulating market capitalization is $8.35 billion, reflecting a positive growth rate of 3.58%.
According to Token Terminal data, in terms of revenue over the past 30 days, Chainlink has generated $11.67 thousand. However, this figure shows a decline of 54.16% compared to the previous period, indicating a decrease in earnings during this timeframe.
Considering the fully diluted market capitalization, which considers the maximum number of Chainlink tokens that could exist in the future, the value stands at $14.82 billion. This metric has experienced a slight increase of 3.48% recently.
When it comes to revenue on an annual basis, Chainlink has generated $219.81 thousand. This represents a positive growth rate of 2.64%, indicating an upward trend in the company’s earnings over a year.
Regarding financial ratios, Chainlink’s price-to-fully-diluted ratio is calculated at an astonishing 68,246.47x. This metric compares the company’s market capitalization to its fully diluted market capitalization. It reflects the premium investors will pay for each unit of potential future tokens.
Similarly, based on the fully diluted market capitalization, the price-to-sales ratio is reported to be 68,246.47x. This ratio measures the company’s valuation relative to its annualized revenue and indicates how much investors will pay for each dollar of sales generated.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
For optimists, 2023 was a stellar year. The ageless Dow Jones Industrial Average climbed to a fresh all-time high, while the S&P 500 and Nasdaq Composite logged respective gains of 24% and 43% by the time the curtain closed.
But just because the major indexes have rallied in a big way from their 2022 bear market lows, it doesn’t mean other stocks have followed suit. There is no shortage of previous highfliers that are still 75% or more below their all-time high.
For some of these former superstars, there’s still hope — at least based on the high-water prognostications of a couple of analysts on Wall Street. What follows are three turnaround stocks that, according to select Wall Street analysts, have the potential to rally by as much as 600% in the new year.
The comeback story of the year, at least based on the price target of one Wall Street analyst, may be biotech stock Novavax (NASDAQ: NVAX). Despite tumbling more than 98% from its all-time high, H.C. Wainwright analyst Vernon Bernardino foresees shares of Novavax catapulting to $35. This would represent a 600% increase from the $5 shares closed at on Jan. 5.
Perhaps the biggest pendulum swing for Novavax is pending arbitration concerning orders for its COVID-19 vaccine with Gavi, a nongovernmental global vaccine organization. Gavi is seeking $700 million following the cancellation of a contract with Novavax for 350 million doses of its COVID-19 vaccine.
If Novavax owes nothing, its financial foundation would be greatly improved. Meanwhile, if it has to pay $700 million to Gavi, its ability to continue as a solvent company may come into question.
Cost-cutting is another big catalyst in 2024 for Novavax. The company practically halved its operating expenses through the first nine months of 2023 — a $950 million reduction when compared to the comparable period in 2022 — and has plans to slash another $300 million in full-year costs in the new year. If Novavax can meet these aggressive cost-cutting goals, it should meaningfully reduce its rate of cash burn.
The other wild card here is figuring out what happens with COVID-19 vaccine demand. Novavax used traditional methods to develop a protein-based vaccine, which is markedly different than the messenger-RNA vaccines developed by Moderna and Pfizer/BioNTech. If Novavax were to see stronger demand for its COVID-19 vaccine, or gather momentum as it kicks off late-stage studies for a combination vaccine (influenza and COVID-19), it’s possible shares could enjoy significant upside in the new year.
While I’m not nearly as bullish on Novavax as Bernardino, a triple-digit gain could be in the cards in 2024 if things fall Novavax’s way.
Another big-time turnaround candidate for 2024, based on the forecast of one Wall Street analyst, is Chinese e-commerce company JD.com (NASDAQ: JD). In mid-October, analyst Fawne Jiang of Benchmark lowered her firm’s price target on JD to $67 from $73. But even at this reduced mark, Jiang anticipates up to 151% upside in shares of JD.com.
The biggest headwind for China’s No. 2 e-commerce company at the moment is that China is struggling to rebound from more than three years of pandemic-related lockdowns. Despite regulators abandoning the controversial “zero-COVID” mitigation strategy in December 2022, economic growth has been tepid.
The flip side to this story is that e-commerce has a lengthy growth runway in China. The No. 2 country by gross domestic product has a burgeoning middle class that can drive significant e-commerce growth in the years to come.
What really separates JD.com in China is its operating model. Whereas the largest e-commerce player, Alibaba, primarily leans on third-party sales via its online marketplace to generate revenue, JD is more of a true direct-to-consumer (DTC) provider. This is to say that JD handles inventory and the logistics associated with getting products to consumers. The DTC approach gives JD more control over its margins than its peers.
Something else worth noting about JD.com is that it’s in the process of spinning out its property and industrial segments, with the expectation that they’ll each be listed on the Hong Kong stock exchange. It’s not uncommon for spinoffs to unlock shareholder value by allowing investors to more easily dissect how companies grow and generate a profit.
The valuation certainly supports upside, too. JD is currently trading at roughly 8 times forward-year earnings. Even accounting for the added regulatory risks of investing in China stocks, this is historically cheap. While $67 by the end of 2024 might be a tall task, “up” does seem like the appropriate direction for JD’s stock.
The third turnaround stock with monumental upside in 2024, based on the call of one Wall Street analyst, is pet-focused products and services company Petco Health and Wellness (NASDAQ: WOOF). Analyst Oliver Wintermantel of Evercore ISI believes Petco stock can fetch $8 per share, which represents a potential gain of 170%, relative to where shares ended the previous week.
The single biggest factor working in favor of Wintermantel’s call is the willingness of owners to open their wallets for their furry, feathered, scaled, and gilled “family members.” Based on data from the American Pet Products Association (APPA), there hasn’t been a sequential yearly decline in U.S. pet industry expenditures for more than a quarter of a century. That’s great news for businesses that cater to the seemingly ever-expanded pet industry.
Unfortunately, Petco Health and Wellness hasn’t been able to capitalize on this steady surge in spending (note: APPA’s expenditures include vet care and products sales, as well as other categories, in addition to pet food and treats). In particular, CEO Ron Coughlin has noted a recent tendency for consumers to gravitate to value-based items. Though Petco is adjusting its products to match this value focus, as well as continuing to reduce its operating expenses, the company’s guidance has repeatedly missed the mark.
Rapidly rising interest rates are also taking their toll on Petco. Even though the company is making incremental progress reducing its outstanding debt, its interest expenses have notably risen from the previous year.
The key for Petco’s turnaround in 2024 likely hinges on the success of its higher-margin subscription services and DTC sales. Petco ended its fiscal third quarter with 672,000 Vital Care Premier members, which compares to a little over 400,000 at this time last year. Vital Care members are likelier to spend more than non-members and stay loyal to the Petco brand.
Meanwhile, beefing up its digital sales is an easy way for Petco to boost margins without meaningfully increasing its operating expenses.
Though Petco stock could conceivably bottom in 2024, an $8 price target might be asking a bit much with so many challenges to work through.
Should you invest $1,000 in Novavax right now?
Before you buy stock in Novavax, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Novavax wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*.
*Stock Advisor returns as of December 18, 2023
Sean Williams has positions in JD.com and Novavax. The Motley Fool has positions in and recommends JD.com and Pfizer. The Motley Fool recommends Alibaba Group, BioNTech Se, and Moderna. The Motley Fool has a disclosure policy.
3 Turnaround Stocks With 151% to 600% Upside in 2024, According to Select Wall Street Analysts was originally published by The Motley Fool
Ethereum price is correcting gains from the $2,440 zone. ETH is correcting gains, but the bulls might remain active near the $2,300 and $2,240 support levels.
Ethereum price climbed higher above the $2,320 resistance zone. ETH even broke the $2,400 level before the bears appeared. A high was formed near $2,441 before the price started a downside correction, like Bitcoin.
There was a move below the $2,400 and $2,380 levels. The price declined and tested the 50% Fib retracement level of the upward wave from the $2,180 swing low to the $2,441 high. The bulls seem to be active near the $2,320 support zone.
Ethereum is now trading above $2,320 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,360 level. There is also a bullish flag forming with resistance near $2,360 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The first major resistance is now near $2,400. A close above the $2,400 resistance could send the price toward $2,440. The next key resistance is near $2,500. A clear move above the $2,500 zone could start another increase. The next resistance sits at $2,620, above which Ethereum might rally and test the $2,750 zone.
If Ethereum fails to clear the $2,400 resistance, it could continue to move down. Initial support on the downside is near the $2,320 level and the 100 hourly SMA.
The first key support could be the $2,240 zone or the 76.4% Fib retracement level of the upward wave from the $2,180 swing low to the $2,441 high. A downside break and a close below $2,240 might start another major decline. In the stated case, Ether could test the $2,165 support. Any more losses might send the price toward the $2,120 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now near the 50 level.
Major Support Level – $2,320
Major Resistance Level – $2,400
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Indian financial regulators continue to express significant reservations about the integration of cryptocurrencies into the country’s economic framework and believe there is no economic “upside” in making them regulated financial instruments, according to local media reports.
These statements by senior officials from the central bank underscore the government’s cautious approach, emphasizing the potential threats these digital assets pose to macroeconomic stability in both emerging and developed markets.
Central bank officials told local media that digital assets in their current form provide limited benefits as regulated financial instruments and should not be integrated into the financial system.
They further stated that cryptocurrencies are more akin to high-risk gambling products due to their inherent volatility and speculative nature. This perspective aligns with the broader skepticism seen globally regarding the adoption of cryptocurrencies in mainstream finance.
The Reserve Bank of India (RBI) remains at the forefront of this debate. The central bank has consistently voiced its apprehension regarding private cryptocurrencies, citing risks related to monetary stability, currency sovereignty, consumer protection, and potential use in illegal activities such as money laundering and financing terrorism.
The RBI’s stance is a critical consideration for the Indian government in formulating its policy on digital currencies.
In contrast, the RBI advocates for the adoption of Central Bank Digital Currencies (CBDCs) as a safer and more stable alternative.
The launch of the digital rupee by the RBI marks a significant step towards embracing digital innovation in the financial sector. Unlike private cryptocurrencies, CBDCs are designed to integrate the benefits of digital currency while ensuring regulatory compliance, consumer protection, and financial stability.
The government’s deliberations on cryptocurrency regulations are ongoing, with a comprehensive approach being considered. This includes the possibility of stringent regulatory frameworks or even an outright ban on private cryptocurrencies.
This cautious approach reflects the guidelines outlined in the G20 New Delhi Leaders’ Declaration, which India presided over earlier in the year. The declaration’s synthesis paper provided a range of regulatory options for crypto assets, emphasizing the need for tailored solutions to address specific economic and regulatory environments.
As the debate around cryptocurrencies continues, Indian policymakers are focusing on balancing the potential benefits of digital currency innovation with the need to protect economic stability and consumer interests.