Eightco Holdings (NASDAQ:ORBS) shares are down on Wednesday as the company is trending overnight following a notable announcement regarding its board of directors.

ORBS Jumps on Tom Lee Board Appointment

The stock’s recent uptick follows the appointment of Tom Lee, Chairman of Bitmine, to the board of directors, while Dan Ives stepped down as Chairman.

This change in leadership has contributed to a sense of optimism among investors, as the stock also saw an increase of 34.13% during the previous trading session.

In addition to the leadership shift, Ethereum’s price has risen, which may also be influencing sentiment around Eightco Holdings.

As Ethereum exchanges hands at $2,313.58, up 2.95% in the last 24 hours, it reflects a growing interest in cryptocurrency-related stocks, including Eightco.

ORBS Down 93.56% in 12 Months

Currently, the stock is trading 11.8% below its 20-day simple moving average (SMA) and 59.4% below its 100-day SMA, indicating a bearish trend in the longer term.

Over the past 12 months, shares have decreased by 93.56%, and they are positioned closer to their 52-week lows than highs, which suggests ongoing challenges for the company.

The RSI is at 43.17, which is considered neutral territory, indicating that the stock is neither overbought nor oversold.

Meanwhile, the MACD shows a value of -0.1252, with the signal line at -0.1389, suggesting bullish momentum as the MACD is above the signal line.

The combination of neutral RSI and bullish MACD suggests mixed momentum, indicating that while the stock is not currently in an oversold condition, there may be potential for upward movement.

  • Key Resistance: $1.00
  • Key Support: 75 cents

ORBS Stock Price Activity: Eightco Holdings shares were down 6.25% at $0.8975 at the time of publication on Wednesday, according to Benzinga Pro data.

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