Applied Digital Corp (NASDAQ:APLD) stock is trading lower on Monday. This downward movement tracks a broader decline across crypto-related equities.The Nasdaq is down 0.77% while the S&P 500 has shed 0.32%.Bitcoin Pullback Drags Crypto SectorAnalyst Raises Price ForecastThe Monday pullback comes right after strong Wall Street backing. On Friday, Needham analyst John Todaro maintained a Buy rating on Applied Digital. Furthermore, Todaro raised the company’s price forecast from $48 to $51. Financing Fuels Data Center GrowthThe restructuring follows a major capital injection to build AI data centers. Applied Digital secured a $300 million senior secured bridge facility led by Goldman Sachs. The company will use the 364-day loan to fund construction of a third AI data center at its Polaris Forge 1 campus in North Dakota.APLD Technical Analysis: Key Levels To WatchFrom a trend perspective, APLD is still in a strong longer-term uptrend: it's trading 22.5% above its 50-day SMA ($31.26) and 37.4% above its 200-day SMA ($27.87), with a golden cross in June 2025 keeping the bigger-picture bias pointed higher. The catch is the near-term tape is choppy—price is only 0.9% above the 20-day SMA ($37.97) and is trading below the 20-day EMA ($38.82), which often acts like a "gravity line" during fast pullbacks.After a 461.00% 12-month run, this kind of air-pocket move can be the market testing whether prior breakout buyers will defend the trend.