SOS Limited (SOS) Stock Forecast: Purchase of power plants propels shares, charts still bearish

Sos Ltd's shares have been rising by some 7% in response to upbeat news.
The blockchain company has announced the purchase of three US-based power plants.
Expanding its digital mining operations may boost the firm's fortunes.
NYSE: SOS shares are still down on the month.

Yohay Elam FXStreet

What does a cryptocurrency company need apart from the rising prices of digital coins? In the case of SOS Ltd. (NYSE: SOS), the answer is more mining power. THe China-based firm has announced that it signed a letter of intent to purchase three power plants, allowing it to expand its operations.

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The three utility operators are Sherman Development LLC, Niagara Development LLC, and Park Falls Management LLC. By venturing into hydroelectric power generation, the company is also burnishing its image – it is using green energy rather than a dirty one.

Tesla, an electric vehicle maker, has come under scrutiny due to its investment in Bitcoin. It hurts the image of Elon Musk – received a loan from the Obama administration for environmental efforts – in his attempts to win over skeptics.

SOS Stock News

Despite the exciting developments – and the increase in Bitcoin's price back above $60,000, NYSE: SOS is still suffering from a downtrend. Zooming out to the past month, a clear downtrend can be seen, with the early-April jump serving only as a "dead-cat bounce.

Some support awaits at $5.25, which is Friday's close and then at $5. The monthly low of $4.50 is the next cushion to watch.

Resistance is at $5.78, followed by the round $6 level. Further above, the lofty mid-March peak of $8 is next.

At the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

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Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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