The Daily Breakdown takes a closer look at the charts of Rocket Companies, while also digging deeper into the crypto space.
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Crypto Corner
We’re continuing our talk about the ins and outs of the crypto market, helping investors get more familiar with the 100+ cryptoassets offered by eToro. Today we’ll discuss Internet Computer and Near Protocol.
Internet Computer (ICP): Trading near $6.40 with a market cap of ~$3.4 billion
Internet Computer is a decentralized Layer-1 blockchain launched in 2021 by the Dfinity Foundation. Built to host full-stack web applications directly on-chain, it eliminates reliance on traditional cloud infrastructure. The network uses “canisters” — advanced smart contracts with scalable memory and asynchronous messaging — to power dApps at internet speed. ICP tokens are used for governance, staking, and paying computation fees through the Network Nervous System (NNS). Governed on-chain by token holders rather than Dfinity, the protocol aims to create a decentralized “World Computer” capable of supporting DeFi, social media, and enterprise software in a secure, censorship-resistant environment.
Near Protocol (NEAR): Trading near $2.65 with a market cap of ~$3.4 billion
Near Protocol is a scalable Layer-1 blockchain launched in 2020, designed for usability and speed through its innovative sharded architecture known as Nightshade. NEAR supports DeFi, NFTs, DAOs, and Web3 applications, offering developers low fees and simple smart contract deployment. The NEAR token powers staking, governance, and transaction fees, with rewards distributed to validators and delegators. Guided by the NEAR Foundation and Pagoda, the ecosystem emphasizes user accessibility and developer support.
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The Setup — Rocket Companies
Rocket Companies has been pulling back from its recent highs, dipping over 30%. Bulls are hoping that more upside is in play now that the firm has reported its quarterly results, beating on both earnings and revenue expectations. Further, recent chatter over potential 50-year mortgages is giving RKT a boost.
Rocket stock dipped toward its 200-day moving average, but didn’t end up testing this level as a three-day 16% rally propelled it higher — and was strong enough to send it over downtrend resistance (blue line). If the bullish momentum continues, bulls may be looking for a run back toward the $20 to $22 range. However, if RKT runs out of fuel, a pullback toward the 200-day moving average could be in play.
Options
As of November 11th, the options with the highest open interest for RKT stock — meaning the contracts with the largest open positions in the options market — were the January $24.20 calls.
For some investors, options could be one alternative to speculate on RKT. Remember, the risk for options buyers is tied to the premium paid for the option — and losing the premium is the full risk. Bulls can utilize calls or call spreads to speculate on further upside, while bears can use puts or put spreads to speculate on the gains fizzling out and RKT rolling over.
For those looking to learn more about options, consider visiting the eToro Academy.
What Wall Street’s Watching
Disney will report earnings tomorrow morning. Currently, Wall Street expects the company to earn $1.03 per share in profits on revenue of $22.8 billion. While Disney is well off its bear-market lows near $80, shares are up just 3.4% so far this year. Will earnings put pressure on those gains or give Disney a year-end boost? Dig into the fundamentals for DIS.
Shares of Oklo have been volatile lately, falling 6.6% in yesterday’s session, then rallying 4% this morning after the firm reported its quarterly results. However, Oklo lost more than analysts had expected, reporting a loss of 20 cents a share vs. estimates for 13 cents per share. Oklo is in a slump right now, with shares down more than 40% from the recent highs. Check out the charts.
On Holdings stock is in focus this morning, rallying about 8% in pre-market trading after the firm reported its quarterly results. Earnings of 54 cents a share beat analysts’ estimates for 20 cents a share, while revenue of $993 million nearly hit $1 billion and beat expectations of $939 million. Bulls are hoping that recent technical support remains steady and shares can rebound from current levels.
Shares of Advanced Micro Devices are in focus this morning after the company’s Financial Analyst Day, with AMD rallying 5% to 6% in after-hours trading. CEO Lisa Su said the data center market will be worth $1 trillion by 2030 and management laid out a long-term growth plan that investors are cheering. The stock is set to open near record highs this morning.
Disclaimer:
Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.