What's Going On With Greenlane Stock Friday?

Greenlane Holdings Inc. (NASDAQ:GNLN) pulled back in Friday’s premarket session, reversing part of this week’s dramatic surge.

The move comes after a volatile week for the Florida-based cannabis ancillary company, which saw a 71.72% surge during Wednesday’s after-hours trading to hit $1.58.

The stock is moving against broader market trends, with Nasdaq futures up 0.14% and S&P 500 futures gaining 0.12%.

Cryptocurrency Agreements Disclosed

The recent price action follows a series of digital asset maneuvers. According to a Securities and Exchange Commission filing on Feb. 9, Greenlane Subsidiary Inc. signed token purchase and lending agreements with Berachain Operations Corporation on Feb. 4.

Under these terms, the subsidiary may lend USDC (CRYPTO: USDC) and Tether (CRYPTO: USDT) to Berachain to acquire its native gas and staking token, Berachain (BERA).

Technical Analysis

Currently, the stock is trading 41.3% below its 20-day simple moving average (SMA) and 71% below its 100-day SMA, indicating significant weakness in the short to medium term.

Over the past 12 months, shares have decreased by 99.90%, and they are positioned closer to their 52-week lows than highs, highlighting the ongoing struggles the company faces.

The RSI is at 16.77, indicating that the stock is in oversold territory, while the MACD is below its signal line, suggesting bearish momentum.

The combination of an oversold RSI and bearish MACD indicates mixed momentum, reflecting the stock’s current challenges.

• Key Support: 70 cents
• Key Resistance: $1.00

GNLN Price Action: Greenlane shares were down 11.14% at $0.78 during premarket trading on Friday, according to Benzinga Pro data.

Photo by JOURNEY STUDIO7 via Shutterstock