Galaxy Digital jumps after Morgan Stanley lifts its GLXY price forecast

Galaxy Digital Inc. (NASDAQ: GLXY ) stock jumped more than 11% Thursday after Morgan Stanley raised its price forecast on the stock.

A broader rally in cryptocurrency assets also supported the move.

The Nasdaq gained 1.13%, while the S&P 500 rose 0.98%.

Financial stocks advanced 1.26%.

Morgan Stanley Raises Galaxy Digital Price Forecast Morgan Stanley maintained its Overweight rating on Galaxy Digital and raised its price forecast to $48.

The bullish call came as major cryptocurrencies moved higher.

Bitcoin (CRYPTO: BTC) gained 4.77% over the past 24 hours to $80,998.42.

The crypto rally provided another tailwind for Galaxy Digital shares.

Galaxy Expands Crypto Lending Services Galaxy Digital also recently expanded its credit offerings.

The company launched the GalaxyOne Crypto Portfolio Line of Credit on Aug.

25.

The product allows clients to borrow against their Bitcoin, Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) holdings without selling the assets.

Technical Analysis GLXY stock is showing strong near-term momentum.

The stock is trading 17.5% above its 20-day simple moving average of $22.72 and 14.3% above its 50-day SMA of $23.34.

The stock is also 1.7% above its 100-day SMA of $26.24 and 6.5% above its 200-day SMA of $25.06.

That marks a constructive shift after a choppy stretch earlier this year.

However, the moving-average structure remains mixed.

The 20-day SMA is still below the 50-day SMA.

The stock also remains under the influence of an August "death cross," when the 50-day SMA fell below the 200-day SMA.

That setup could keep the rally under scrutiny until the shorter-term averages turn higher.

Key resistance sits near $27, while $24 represents a nearby support level.

GLXY Stock Price Activity: Galaxy Digital shares were up 12.01% at $26.95 at the time of publication Thursday, according to Pro.

Image via Shutterstock Read Also: Fed's Goolsbee Warns AI Data Center Boom Could Overheat US Economy — 'The Bigger The Hype,' The Bigger The Risk Image via Shutterstock