The Argo Blockchain PLC (LON: ARB) share price has been trading sideways since mid-February, but they are still up 78.6% for the year. The company’s share price has continued to trade in the range outlined in the chart below despite the recent pullback in Bitcoin’s price.
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The Bitcoin price has pulled back significantly from its recent high above $31,000 and is currently trading at $28,000. The $3,000 decline in Bitcoin’s share price represents an almost 10% pullback, but Argo Blockchain’s share price has barely moved despite the five-day decline.
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The last announcement from the Bitcoin mining company shows it is clearly on the right track, having appointed a new Chief Financial Officer (CFO) known as Jim MacCallum. Jim has over 30 years of experience in finance and is a Certified Public Accountant (CPA) and a Chartered Financial Analyst (CFA).
Upon his appointment, Mr MacCallum said: “I am delighted to be joining Argo Blockchain, a dynamic and innovative company with a rich history and exciting future. I look forward to contributing to the success of the Company through a strong focus on financial discipline.”
Matthew Shaw, Chairman of the Board, said: “I’m thrilled to welcome Jim to the Argo team as CFO. His broad experience across multiple industries and strategic mindset will help guide the Company through its next phase of growth.”
Argo’s Interim CEO, Seif El-Bakly, said: “With over 30 years of experience, Jim brings a wealth of finance and accounting knowledge to Argo, and I am excited for him to drive our financial discipline as we seek to deliver long-term value to our shareholders.”
Luckily for traders and investors, when a stock or asset trades sideways, they usually break out from the range in either an uptrend or downtrend. Therefore, one way or another, we will get a trend in Argo Blcockhain’s share price.
The question is, will it be a downtrend or an uptrend? My bet is on an uptrend, given the resilience we have seen in Argo’s share price despite the decline in Bitcoin prices.
*This is not investment advice.
The Argo Blockchain (ARB) share price.
Despite the recent decline in Bitcoin prices, the Argo Blockchain share price is up 78.6% for the year. What’s next?
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