Galaxy Digital Inc. (NASDAQ:GLXY) stock fell Friday as cryptocurrency-linked stocks came under pressure amid a decline in Bitcoin (CRYPTO: BTC).
The sell-off followed a security breach reported by Binance (CRYPTO: BNB), which said in a post on X that unauthorized actors withdrew approximately $6.3 billion during an incident Thursday.
Bitcoin slipped 5.4% over the past 24 hours to trade near $77,193.36, adding to pressure on digital asset stocks.
The decline came amid a broader market sell-off, with the Nasdaq Composite falling 3.91% and the S&P 500 dropping 2.01%.
Technical Analysis
Galaxy Digital remains in a bearish trend, trading 13% below its 20-day simple moving average (SMA) of $18.14 and 34.8% below its 200-day SMA of $24.23.
A death cross formed in August, reinforcing the longer-term downtrend.
However, momentum shows early signs of improvement. The moving average convergence divergence (MACD) indicator remains above its signal line, with a positive histogram. This suggests selling pressure may be easing.
The stock faces resistance at $18.14, near its 20-day SMA. Support stands at $14.19, its 52-week low.
Shares remain well below their 52-week high of $38.55.
Analyst Outlook
The stock carries a consensus Buy rating and an average price forecast of $35.67 across 19 analysts.
On Oct. 29, Chardan Capital maintained its Buy rating but lowered its price forecast to $27. On Oct. 28, Canaccord Genuity maintained its Buy rating and $50 price forecast, while Rosenblatt reiterated its Buy rating and $30 forecast.
GLXY Stock Price Activity: Galaxy Digital shares were down 12.33% at $15.89 at the time of publication on Friday, according to Benzinga Pro data.
Image via Shutterstock
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