Alphabet (GOOGL: NASDAQ)
Alphabet (GOOGL), a globally recognized search engine, has expanded its portfolio to include an array of tech and cloud services. Led by CEO Sundar Pichai, the company is aggressively pursuing a leadership role in the artificial intelligence (AI) domain, given its access to substantial data resources.
Alphabet is currently contending with an antitrust lawsuit from the Department of Justice, but this legal matter is not expected to significantly impact the company’s future success, as internal documents remain confidential.
A recent development involves an extended partnership between Alphabet, Ericsson, and Google Cloud to develop an advanced Radio Access Network (RAN) solution with integrated automation using AI and machine learning (ML). We hold a bullish outlook on GOOGL, provided the stock maintains its position above the $119.00-$120.00 range, with an upside target of $175.00-$180.00, reflecting strong confidence in Alphabet’s technological advancements and growth potential.
Ionis Pharmaceuticals (IONS: NASDAQ)
Ionis Pharmaceuticals (IONS) is a biotech company with a strong focus on RNA-targeted therapeutics. Notably, their eplontersen treatment for ATTR patients has shown promising results, demonstrating continued improvements from the baseline condition for up to 19 months in patients. Additionally, the company is gearing up for the independent commercial launch of olezarsen, a treatment for hypertriglyceridemia.
Ionis Pharmaceuticals is making strides in the field of neurological disease medications, with their SPINRAZA treatment maintaining its position as a global market leader for various types of spinal muscular atrophy. They’re also partnering with Novartis to develop cardiovascular disease medicines, set to receive a substantial $60 million upfront payment for their services.
We are optimistic about IONS, remaining bullish as long as the stock stays above the $38.00-$39.00 range, with an upside target of $55.00-$56.00. This outlook reflects confidence in both the company’s research endeavors and its financial performance in the foreseeable future.
Bitcoin dominance is declining, but it is possible that it is simply retracing to the next level of support. This suggests that Bitcoin is still the dominant cryptocurrency in the market, but that other cryptocurrencies, such as Ethereum, are gaining ground.
Ethereum is currently trading at $1,573, and has been consolidating between $1,550 and $1,600 for the past few days. If the price of Ethereum can break above $1,600, it is possible that it will test the next resistance level at $1,650 to $1,700.
This analysis suggests that Ethereum is poised for a potential breakout in the near future. If the price of Ethereum can break above $1,600 and sustain its momentum, it could lead to a significant rally in the cryptocurrency market.
Bitcoin Dominance (BTC.D)
Bitcoin dominance was rejected at the 50.3% level last week and has since retraced to 49.91%. The total crypto market cap has also retraced. The next level of support to watch is the ascending support line at around 49.50%.
This suggests that Bitcoin dominance is still trending down, but it is possible that it is simply retracing to the next level of support. If Bitcoin dominance can hold above the ascending support line, it could lead to a temporary bounce. However, if Bitcoin dominance breaks below the ascending support line, it could lead to a further decline in Bitcoin dominance and a rally in altcoins.