Circle's Arc Blockchain Launch Fails to Lift CRCL Stock from Bearish Sentiment
Circle's Arc blockchain has launched with major validators BlackRock and Visa on board. This comes after Circle shares experienced a 10% drop in price following the failure of the CLARITY Act bill to pass the Senate vote.
The launch of Arc, which had already processed over 700 million transactions, may not be enough to lift CRCL stock out of its current bearish sentiment. Analysts remain mixed on CRCL's prospects, with one analyst warning that if Circle shares drop below their 200-day SMA of $85, they could move down to the psychological support at $80.
Another analyst notes that even if CRCL shares close above this 200-day SMA, the price may stall again after reaching $90. However, holding the support between $84 and $85 could push Circle's shares up to the $94 to $95 range.