Cipher Digital Inc. (NASDAQ:CIFR) stock fell more than 8% Wednesday as investors pulled back from riskier assets amid broad market weakness. The Nasdaq Composite fell 0.30%, while the S&P 500 declined 0.41%.
Cipher Digital’s decline appears tied to broad market weakness and profit-taking after Tuesday’s sharp rally.
Technical Analysis
Cipher Digital shares remain up 84.87% over the past 12 months. However, the intermediate trend has weakened.
The stock trades 10.8% below its 50-day simple moving average of $19.14. It is also 17.5% below its 100-day SMA of $20.68 and 7.3% below its 200-day SMA of $18.41.
