Moderna (MRNA) Sets a New All-Time High Rising by More Than 13%

Moderna (MRNA) has left Zoom and Tesla (TSLA) behind as the stock has hit a new all-time high.

Image source: unsplash.com

Moderna (MRNA) has left Zoom and Tesla (TSLA) behind as the stock has hit a new all-time high, according to a blogger, Michael Geller (@michaelgeller).

Image source: Twitter @michaelgeller

US biotech company Moderna rose 17% on the Nasdaq after it announced successful trials of the coronavirus vaccine. According to MarketWatch, the company's vaccine has now taken the lead among several experimental COVID-19 vaccines in development.

Image source: TradingView MRNA

Analyzing the stock from the technical point of view, it has reached the overbought zone based on the Relative Strength Index indicator. The trading volume has blasted over the last days, which usually happens when buyers fix their positions. The growth scenario remains relevant, however, a correction is probable. If that happens, bears may push back MRNA to the closest support level at $78. This level is also a so-called 'mirror' one, which means that there are high chances to see the stock there in the nearest days.

Moderna (MRNA) is trading at $94.44 at press time.

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Usman Salis E-mail

Usman has been in the blockchain space for 9 years and written dozens of articles about crypto in his career. He wants to put crypto on the global map.