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Bitcoin price started a fresh increase above the $106,000 zone. BTC is now consolidating and might attempt to clear the $110,500 resistance.
Bitcoin price started a fresh increase after it settled above the $103,500 support zone. BTC was able to surpass the $104,400 and $105,000 resistance levels.
The bulls even pumped the price above the $108,000 resistance. A high was formed at $110,550 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $100,400 swing low to the $110,550 high.
Bitcoin is now trading above $108,000 and the 100 hourly Simple moving average. There is also a bullish trend line forming with support at $106,850 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $110,000 level. The first key resistance is near the $110,500 level. The next key resistance could be $112,500. A close above the $112,500 resistance might send the price further higher. In the stated case, the price could rise and test the $113,800 resistance level. Any more gains might send the price toward the $115,000 level.
If Bitcoin fails to rise above the $110,500 resistance zone, it could start another decline. Immediate support is near the $108,200 level. The first major support is near the $106,500 level and the trend line.
The next support is now near the $105,500 zone and the 50% Fib retracement level of the upward move from the $100,400 swing low to the $110,550 high. Any more losses might send the price toward the $103,500 support in the near term. The main support sits at $102,000, below which BTC might gain bearish momentum.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $108,000, followed by $106,500.
Major Resistance Levels – $110,500 and $112,500.
ChargePoint stock comes under severe selling pressure as the company liquidates equity for another major fundraise.
On Wednesday, October 11, EV charging network operator ChargePoint Holdings (NYSE: CHPT) announced its plans to raise a staggering $232 million through the stock sale. This was enough to send the ChargePoint stock spiraling downwards by 15%.
ChargePoint announced that a consortium of institutional investors will acquire $175 million in fresh shares. The firm further revealed it secured an additional $57 million in the current fiscal quarter through its existing “at-the-market” stock offering program. Thus, the total capital raised is $232 million.
In a separate development, ChargePoint successfully garnered $57 million in net proceeds during the third quarter of 2024 through the ATM facility. Speaking on the development, Rex Jackson, CFO of ChargePoint said:
“We are pleased to secure $232M in funding this quarter, which supports our stated goal of adjusted EBITDA profitability in the fourth fiscal quarter of next year. These raises and our recently announced $150M revolving credit facility are consistent with our announced capital strategy to bolster our balance sheet. We have no further plans to access the ATM.”
He further added that the new funds along with the recently secured credit line will also support the company’s role into early 2025.
ChargePoint has also announced a modification to the terms of a prior $300 million convertible notes deal. This change extends the company’s repayment timeline by a year but comes with increased interest payments.
In a separate agreement, ChargePoint, along with the lead investor in the Notes, has entered into a binding term sheet to revise the Notes. These revisions include an extension of the maturity from April 1, 2027, to April 1, 2028.
The changes also involve an increase in the cash coupon from 3.5% to 7% per year, an adjustment in the payment in kind coupon from 5% to 8.5% per year, and an alteration of the conversion price from $24.03 per share to $12.00 per share. The financial advisory firm Evercore provided exclusive advisory services to ChargePoint in this matter.
It’s worth noting that ChargePoint’s shares closed at $4.49 on Tuesday, marking a decline of approximately 53% since the start of 2023. Amid the changing macro conditions, EV companies have been facing challenges recently with the road to profitability delayed even further.
Read other business news on Coinspeaker.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Volta recently closed under 50 cents for the first time as a public company due to a cash crunch and the possibility of stock delisting.
EV charging startup Volta (NYSE: VLTA) saw its shares close below 50 cents for the first time since its public listing last year. This recent relative stock underperformance could be attributable to several factors affecting the electric car charging company. They include a cash crunch as well as the possibility of a stock delisting.
Volta stock briefly climbed up to $13 in 2021 but plunged 6.4% on Wednesday to close at 49.2 cents. Conversely, the electric vehicle charging startup’s rivals all gained more than 5% for the day. Performing rivals include Blink Charging Co, ChargePoint Holdings Inc, and EVgo Inc.
Before falling below 50 cents, Volta had received a notice from the New York Stock Exchange regarding a trading share price listing rule. According to the NYSE, Volta’s average closing price was less than $1.00 over a consecutive 30 trading-day period.
Although the leading stock exchange’s notice does not mean an immediate delisting of Volta stock, the company has to act fast. The EV charging company intends to notify the NYSE within a week of plans to fix the stock price deficiency and regain listing requirements compliance. Volta can regain compliance at any time up to six months after receiving the NYSE’s notice.
In the meantime, Volta’s Class A Common Stock will continue to see listing and trading on the New York Stock Exchange. However, this proviso remains subject to the company’s compliance with other NYSE continued listing standards.
Reports also stated on November 25th that Volta would consider available alternatives, including a reverse stock split. Such options are subject to stockholder approval on or before the company’s next annual meeting of stockholders.
Volta began trading on the NYSE in August 2021 following a merger with a special purpose acquisition company (SPAC). At the time, there was a wave of tech-oriented startups also looking to go public with their various products and services, via SPAC.
Despite Volta’s promising start to its public journey, the company began to run into problems early this year. For instance, two top Volta executives and founders abruptly left the company in March. In addition, the electric car charging startup reported a sizable shrinkage in its cash reserves to $15.6 million in November. So far, Volta has cut more than half of its headcount to stabilize its dwindling finances.
Volta ranks among the industry’s leaders in building a network of electric vehicle charging stations. In addition, the startup provides media services to achieve clean energy in the future.
Volta’s operational format entails delivering value to its end users by installing charging stations that feature large-format digital advertising screens. Many of the company’s charging stations are situated close to the entrances of popular commercial locations and serve multifaceted purposes. Advertisers can precisely target audiences while EV drivers charge their automobiles effortlessly.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Major cryptocurrencies slipped into the red on Sunday night as the global cryptocurrency market cap declined 2.67% to $1.6 trillion.
What Happened: The apex cryptocurrency, Bitcoin (CRYPTO: BTC), traded 4.92% lower at $39,649.78 over 24 hours at press time. For the week BTC was up 10.45%.
See Also: How To Buy Bitcoin (BTC)
Ethereum (CRYPTO: ETH) traded 0.95% lower at $2,533.11 over 24 hours. Over a seven day trailing-period, ETH traded 13.57% higher.
Dogecoin (CRYPTO: DOGE) traded 3.79% lower at $0.20 over 24 hours. For the week the Shiba Inu-themed cryptocurrency rose 0.87%.
DOGE traded 1.05% higher against BTC and 3.33% lower against ETH over 24 hours.
On Sunday evening, the top two gainers over 24 hours were Quant (CRYPTO: QNT) and Terra (CRYPTO: LUNA).
QNT traded 37.79% higher at $189.92 over 24 hours and 95.87% for the week. LUNA rose 11.06% over 24 hours to $11.87 and traded 39.93% higher for the week.
The Graph (CRYPTO: GRT) was also among the gainers on Sunday rising 2.03% over 24 hours to $0.65. For the week GRT is up 16.48%.
Why It Matters: On Friday, Bitcoin touched $41,934.18, levels not seen since May. As the weekend draws to a close the apex coin is down 5.45% from those levels.
Lower liquidity during the summer and the $1 billion short squeeze were cited as reasons for BTC’s surge at the beginning of the weekend by FundStrat strategist David Grider, as per CoinDesk.
See Also: Why Does Bitcoin’s Price Fluctuate? Crypto Expert Weighs In
The Senate held a rare session on Saturday in an effort to finalize the $550 billion infrastructure bill, which could spell higher taxes for cryptocurrency investors.
The bipartisan bill will be financed through unspent emergency relief funds, targeted corporate user fees, and “strengthening tax enforcement when it comes to crypto currencies,” as per the White House.
Meanwhile, Bitcoin mining difficulty was on the rise over the weekend, rising 6% on Saturday, the first such increase for miners since May when the BTC crash began.
Read Next: Dogecoin Creator Says This Is The ‘Ultimate C*ap Coin — ‘ And For A Good Reason