CRCL Stock Price Outlook as Executive Sells $1.3M Shares Ahead of May 11 Earnings

Circle Internet Group (NYSE: CRCL) closed at $114 on Thursday, April 6, after dropping by 4.47%. This drop was caused by the news that a director at the company had offloaded some shares. But CRCL stock price is not out of the spotlight just yet because on May 11, the company is going to release earnings.

Circle Director Dumps Shares Ahead of Earnings

According to recent reports, Michele Burns, who is one of the directors at Circle, dumped 11,666 shares. She did not sell all of them at once, but she instead divided the sale into two. In the first instance, she sold 1,666 shares, and in the second instance, she sold 10,000 shares.

This sale is not good for the price because it dents the confidence of those holding Circle shares. And this can be seen from what happened yesterday when the news drove a more than 4% decline in CRCL stock price from $121 on May 4 to $114 by the time the market was closing on May 5.

Circle will also release earnings on May 11, and this is an event that has been eagerly waited on by many. The results are going to be released at a time when many crypto companies are also releasing their earnings. CoinGape reported that Strategy has missed the expectations of Wall Street after it released its earnings.

The release of earnings can cause the CRCL stock to go up pr down depending on what comes out. If they show Circle did well despite Q1 not being very good for crypto, gains will be seen, but unfavorable results will push the stock down.

CRCL Stock Price Outlook

Circle has not been out of the spotlight lately because of what’s happening with the CLARITY Act. Senators reached a deal on stablecoin yield. It was because of this deal that CRCL price soared by 20% on Monday.

But the tide shifted on Tuesday, and it showed that those buying are looking for something more. Insiders selling is not a very good look, especially with earnings being just days away. Now, attention is going to the chart. This is to see whether even with the noise, CRCL stock price can still go up.

The chart shows that the situation is at a critical point because bears want to push CRCL stock price down to support at $111. This is also where the neckline resistance is, meaning that there is a lot depending on this level.

If bears push it down below $111, the double bottom that can be seen here will not be valid anymore. Bulls have a lot of work to do to keep the price above here for there to be a 31% surge that will take CRCL all the way to $145.

But if selling continues for the next three trading days before earnings are released, we should expect bears to pull the stock down to the support at $91. The last time that the stock traded here was on May 1.

The RSI has a reading of 62, and this is supporting the bullish side. But zooming in on it shows that it has started dropping after it reached a reading of 70. This could mean some people are selling and if they continue to do so, CRCL stock may just be beginning its journey down.