The past month has been nothing short of a dream for investors in Sysorex (OTCMKTS:SYSX), the more prominent Ethereum mining and technology-based out of the United States.
Trading Data
On Monday, SYSX stock gained 4.03% to $0.0645 with more than 28.64 million shares, compared to its average volume of 29.16 million shares. The stock moved within a range of $0.0571 – 0.0779 after opening trade at $0.013.
Sysorex Provides Business Update
During the course of that period, the stock rallied at a frenetic pace and has delivered gains of as much as 540%. Considering the sheer magnitude of the gains made by the stock it may be a good time for investors to take a closer look at it and figure out if there could be more upside. There has been no news in recent days about the company but back on May 5, Sysorex shared an important update with its shareholders.
It may be a good move to take a look at it. At the time, the company announced that two of its biggest shareholders, District 2 Fund Capital LP and Bigger Capital Fund LP had issued an open letter in which they backed Sysorex.
The venture capital companies noted in that letter that they believed that there was considerable untapped potential in Sysorex. Hence, it may have been one of the major triggers that may have resulted in the continued rally in the stock. Investors could keep an eye on it.
Technical Data
SYSX stock is trading above the 20-Day and 50-Day Moving averages of $0.0526 and $0.0337 respectively. However, the stock is trading below the 200-Day moving average of $0.4815.
