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Marathon Digital sold 650 Bitcoin out of 683 it mined in Feb 2023

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Marathon Digital Price Prediction
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Marathon Digital (NASDAQ: MARA), a publicly traded Bitcoin (BTC) miner, had started selling out its BTC holding for the second consecutive month. According to analysts, Marathon Digital had sold 1500 Bitcoin in January 2023 and now in February it sold 650 BTC. The company said, It sold Bitcoin to help pay for the operating expenses and for the general corporate purposes.

In the previous session Marathon Digital (NASDAQ: MARA) price closed at $6.38 with the intraday gains of $1.92% while the Bitcoin (BTC) is currently trading at $23,335

Marathon Digital (NASDAQ: MARA) – Technical outlook 2023

NASDAQ: MARA Daily chart by TradingView

Marathon Digital (NASDAQ: MARA) stock prices are quite stable and trying to climb above the 50 day EMA to maintain the short term trend in the direction of bulls. Recently, On 28 February 2023, Marathon Digital has released the 4th quarter result which has disappointed its investors because the company failed to beat the street estimate and later prices also reacted negatively after the earnings.

Marathon Digital (NASDAQ: MARA) has witnessed a huge spike in the buying volume in the January month and prices also followed the same direction indicating that some genuine buyers have taken long positions and are expecting MARA stock to perform in coming months. However, the rally took a halt at $9.31 and formed a bearish rejection candle showing that bears are still active on the higher levels and $9.31 will act as an immediate hurdle for the bullish traders. Later, after consolidating for some time Marathon Digital (MARA) stock prices took a downside reversal and again slipped below the 50 day EMA

On the other hand, Marathon Digital (NASDAQ: MARA) prices are also getting negatively affected due to tension going into the cryptocurrency market derived by the Silvergate Bank which might be one of the reasons why Bitcoin miner Marathon is cashing out their BTC investment. The technical indicators of MARA stock like MACD have generated a negative crossover indicating bearishness whereas the RSI at 45 denotes the balance between bullish and bearish positions.

Summary

Marathon Digital (NASDAQ: MARA) stock prices lacked a clear direction and seems to be stuck in the narrow range between $5.00 to $10.00 which is likely to break on either side soon. However, The technical analysis suggests that the prices had witnessed some genuine buying from the 52 week low at $3.10 and it is expected to bounce back if any short term correction hit the prices.

Technical levels

Resistance levels : $5.50 and $4.00

Support levels : $10.00 and $12.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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