Barclays’ share price is trading higher this Tuesday, driven by the company’s recent investment in a cryptocurrency-related venture. This rise has placed Barclays among the top 10 gainers on the FTSE 100 index. The upward movement is linked to the bank’s participation in a $70 million funding round for Elwood Technologies, a cryptocurrency trading platform founded by UK hedge fund billionaire Alan Howard.

Elwood Technologies is a well-established provider of portfolio management services for digital assets, specifically targeting institutional investors. According to the Financial Times, this is the first time the company has sought external funding, which has now raised its valuation to $500 million. Other notable investors in this round include Commerzbank, Goldman Sachs, and Galaxy Digital.

Barclays’ investment marks another step in its expansion into digital assets. The move comes as the bank looks to recover from a challenging period, having suspended market-making activities in its US divisions due to a clerical error that caused significant losses in its bond trading desks. Barclays is also preparing to refile statements in the US by the end of the month ahead of its anticipated $1.2 billion share buyback program.

If Tuesday’s 2.79% spike holds, it would mark the third consecutive day of gains for Barclays’ share price.

This recent rise has pushed the stock above the support level at 151.12, positioning it to test the resistance at 156.92. A break above this resistance would set the next target at the March 9 high of 161.62. Should the stock continue advancing past this point, the next levels for bulls to aim for would be 170.34 (the highs from March 14 and 24) and 177.34 (the March 17 high).

However, if the stock is rejected at 156.92, a pullback could lead to a retest of the 151.12 support level. If bulls fail to defend this level, the next target would be 147.48 (the lows from March 8 and May 13). Further downward targets include 140.80 (the April 7 low) and 133.78 (the low from December 2, 2020), if the price continues to decline.