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- Silvergate Stock (NYSE: SI) price fell 31% in after hours trading due to the delay the filings of Annual Report for the fiscal year 2022
- Silvergate Capital is currently analyzing certain regulatory and other enquiries and some investigations are also pending
- Silvergate Stock price closed at $13.53 in regular hours and After hours trading price at $9.24
Silvergate Capital (NYSE: SI) stock has witnessed massive selloff in the After-hours-trading when the company announced it would delay the filing of its annual report for the fiscal year 2022 and needed additional two weeks to complete it.
Silvergate Capital stock is trading with the bearish cues and bears are trying to pull the prices below the 52 week low which may trigger the further downside movement. In the previous session Silvergate Capital NYSE: SI stock price closed at $13.53 with the intraday loss of 2.73% and market cap stands at $428.341M
Will Silvergate Stock see recovery or collapse down?
Silvergate Capital (NYSE: SI) stock price is in the downtrend and forming a double top bearish pattern which indicates that the investors are cashing out their previous investment and are not expecting any meaningful bounce back from the lower levels.
In the beginning of January, Silvergate Capital stock had witnessed a massive gap down and hit a 52 week low at $10.81 which has destroyed the wealth of the investors. Later, prices consolidated for some time and showed some short term upside momentum when the market came to know that few big hedge funds and corporates are still holding the stock. However, the pull back attempt was not sustainable and prices faced strong rejection from the 50 day EMA hurdle level and ended up losing all the previous gains.
On March 1,2023 Silvergate Capital had announced it would delay the filings of its annual report due some regulatory inquiries are pending in respect to the company which has been taken negatively by the market participants and stock prices fell sharply in the After-Hours Trading session. However, it will be interesting to see how Silvergate stock will react in the regular trading hours because the prices are near to the 52 week low at $10.81 which might act as a strong demand zone for the bulls.
The technical indicators of Silvergate Capital stock like MACD has generated negative crossover indicating bearishness to continue in coming days whereas the RSI at 42 sloping downward denotes that the prices are near to the oversold zone and anytime it might trigger a relief rally form the lower levels.
Summary
Silvergate Capital (NYSE: SI) stock has fallen sharply in the After-hours-Trading because the company failed to deliver the annual report on time which raises concerns for the future outlook of the company. The technical analysis shows that the prices are into the bear grip and no signs of recovery is visible.
Technical levels
Resistance levels : $17.00 and $24.00
Support levels : $10.84 and $8.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
