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- Marathon Digital stock price is facing a make-or-break situation in the market.
- Marathon Digital share price decreased 12.29% during Wednesday’s trading session with an opening price of $8.88 and a closing price of $7.78.
- Marathon Digital share price is trading between the 100, and 200-Day EMAs.
Marathon Digital stock price was at $7.78 with a decrease of 12.29% in Wednesday’s trading session. The trading volume rose above the average during Wednesday’s trading session. The increase in volume shows the positive market sentiment towards the stock. The red volume candlestick over the daily time frame volume shows that heavy selling happened in the last trading session.
After making its new 52-week high in March 2022 the Marathon Digital stock price was in a decline which indicates that the market was taken over completely by the sort-sellers. But after testing its secondary support of $5.19 the Marathon Digital stock price again started moving upwards with the help of active buyers in the market. However, after reaching its downward-slopping trendline Marathon Digital stock price is in a bearish phase since then as can be seen over the daily time frame chart.
Near the end of 2022, the Marathon Digital stock price entered its demand zone because of the heavy selling pressure in the market. But from the start of 2023, the Marathon Digital stock price is trying to seek stability in the market after experiencing its downfall in 2022.
However, after reaching its neckline trendline the Marathon Digital stock price began consolidating between its primary support and resistance. This indicates that neither buyers have the upper hand in the market nor the sellers. But if MARA stock price wants to reach its previous glory then the active buyer has to help the stock to break its consolidation phase.
This can also be the make-or-break moment for the MARA stock price in 2023. If the Marathon Digital stock price succeeds in breaking its neckline trendline then the investors and traders can see a big upward move over the daily time frame chart.
More About Marathon Digital Holdings Inc (NASDAQ: MARA):
Marathon Digital Holdings, Inc., previously known as Marathon Patent Group, Inc., is a company that specializes in digital asset technology. Their main focus is on mining cryptocurrencies within the blockchain ecosystem and generating digital assets. Their operations fall within the Digital Currency Blockchain segment.
The company runs a Data Center in Hardin, Montana, which has a power capacity of about 105 megawatts. They also possess around 2,060 Application Specific Integrated Circuits (ASIC) Bitcoin Miners, which are located in a co-hosted facility in North Dakota, United States. These mining hardware are designed to perform operations that support the blockchain, and their performance is measured in hash rate or hashes per second.
Marathon Digital Holdings Inc (NASDAQ: MARA) Stock Price Technical Analysis:
According to technical indicators, Marathon Digital stock price may show a downward movement. RSI is decreasing in the overbought zone and is showing a possibility of a negative crossover over the daily time frame chart which indicates that the sellers are accumulating and pushing MARA downwards.
Essentially, the present bearish influence is strong. The current value of RSI is 55.37 which is above the average RSI value of 51.04. The MACD and the signal line are intersecting but stranded near zero over the daily chart which does not provide any evidence that can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.
Summary
During Wednesday’s trading session, MARA stock price fell to $7.78, a decrease of 12.29%. The trading volume for that day was higher than the average. The stock price had previously hit its highest point in March 2022, but since then it has been declining. This suggests that the market has been dominated by short-sellers. However, in 2023, Marathon Digital’s stock price has been attempting to stabilize following its decline in 2022. Technical indicators such as the RSI suggest that the stock is in a bearish phase, with the possibility of a negative crossover over the daily time frame chart, indicating a strengthening of the current bearish trend. Additionally, the MACD is hovering near zero. This is a critical moment for the MARA stock price in 2023.
Technical Levels
Resistance Levels: $9.12 and $15.51
Support Levels: $5.19 and $2.94
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 or stocks comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
