After hitting a new low of $1.15 on Tuesday, HUMBL, Inc. (OTCMKTS:HMBL) has rallied all the way to $1.61 per share netting investors up to 40% gains. While that move in itself is exciting, what traders want to know is can HMBL stock start climbing back to its February 8th high of $6.84?
HMBL is a very interesting play in the digital currency space. They have created a BLOCK ETX product for crypto investment and have developed proprietary, multi-factor blockchain indexes, trading algorithms and financial services for the new digital asset trading markets. According to their press HUMBL, Inc.’s BLOCK ETXs comprise over 20,000 lines of proprietary code and are architected across index, active, and thematic investment strategies.
Their product is going to be compatible with Coinbase Pro, Bittrex US, and Binance US.
Coinbase (NASDAQ:COIN), who was in the news today, received attention when Rosenblatt Securities analyst Sean Horgan; an analyst who has a buy rating and a stock with a price target of $450, which is about 42% above current levels; called for COIN to be a “long-term category leader.”
He went on to state “Crypto has reached an inflection point on its road to legitimacy, and we see this as a long-term disruptive trend that is only in its early innings,” Horgan wrote in a note to clients. “Net/net, we are buyers of [Coinbase’s stock] as a long-term category leader and pure-play cryptocurrency stock.”
If HMBL is compatible with the category leader COIN, this could be a reason for more investors to turn their attention to the stock. HMBL’s chart has traded somewhat analogous to the rhythm of BTC, and with BTC rallying today as well that could be another indicator for investors following HMBL to watch.
One thing is for sure, we’re going to be keeping our eyes on HMBL.
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