Hut 8 Corp. (HUT)

Hut 8 has climbed from $14.90 to $67.75 over the past year—a 355% gain—but the last few weeks tell a different story. The stock is down 38% from its recent high of $109.99, and it's now sitting at the very bottom of its recent trading range. The weekly chart still shows an uptrend, but the daily picture has turned sharply negative.

The long-term picture

On the weekly timeframe, Hut 8 has built a clear uptrend from its low of $11.19. The stock peaked at $124.83 and has since pulled back, but it's still holding above the middle of its all-time range. Recent weeks show a pattern of higher lows and higher highs: a low of $76.03 in late August, a high of $101.83 in mid-September, another low of $85.71, and most recently a high of $110.69 at the end of September. At $67.75, the stock has now broken below that September low of $85.71, which is a meaningful shift. The weekly structure suggests the uptrend is still intact, but this latest pullback is testing whether buyers will defend the gains made since August.

The short-term picture

The daily chart shows a much sharper deterioration. Over the past two weeks, the stock has fallen from $109.99 to $67.75—a 38% drop. The recent swing pattern on the daily timeframe shows a high of $93.80 on October 6, a low of $77.71 on October 9, a bounce to $86.90 on October 12, and then a collapse to $66.90 on October 15. The stock is now at the absolute bottom of its recent daily range, with no cushion below. This is a direct conflict with the weekly view: while the weekly chart still shows an uptrend structure, the daily momentum has broken decisively lower. The two timeframes are moving in opposite directions, and that disagreement is the key tension right now.

What's driving it

Hut 8 beat earnings on August 4 by 16.56%, which marked the start of the rally into September. Since then, analyst sentiment has remained constructive: Cantor Fitzgerald maintains an overweight rating with a $151 price target, and Morgan Stanley also maintains overweight with a $275 target. However, these calls were made before the recent sharp decline. The pullback appears to be driven by broader market momentum rather than company-specific news.

What would change this

The key level to watch is $85.71, the low from September 18. If the stock holds above that level and bounces back toward $101.83 or higher, the weekly uptrend would reassert itself and the daily selloff would look like a correction within a larger move up. If it breaks decisively below $85.71 and closes there for several days, the weekly structure breaks, and the entire rally from $76.03 becomes questionable. At current levels near $67.75, the stock is already testing whether the August-September lows around $76.03 will hold as support. A close below $66.90 would extend the damage and suggest the pullback has further to run.

Key takeaways

• Hut 8 has gained 355% from its low of $14.90, but has fallen 38% from its recent peak of $109.99.
• The weekly chart still shows an uptrend structure, but the daily chart has broken sharply lower—the two timeframes are in direct conflict.
• The stock is now at the bottom of its recent range at $67.75, having broken below the September low of $85.71.
• Analyst price targets remain bullish ($151 from Cantor, $275 from Morgan Stanley), but the recent momentum shift suggests caution until the stock stabilizes above key support levels.