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- 1 Crypto stocks are on the rise, including MARA.
- 2 MARA rose from $8 to $12 in a few days.
- 3 Technical indicators suggest a weak upside trend in price. MARA stock price saw a drop of 5% in intraday.
Marathon Digital Holdings (MARA) is a digital asset technology company that is focused on cryptocurrencies. It has been operating since 2010 and is one of the largest Bitcoin mining companies. Their mining rigs are designed specifically for Bitcoin mining. They have invested heavily in sustainable energy resources for mining and have made a significant reduction in their carbon footprint.
MARATHON Digital Holdings recently announced that its CTO will be retiring in May. They have also announced their Bitcoin and mining operations updates for March. BTC production increased by 20% from month on month. MARA produced over 825 BTC in March 2023 and recorded 2195 BTC in Q1 2023. Its hash rate increased by 61% in Q1 2023. MARA stock reported a strong correlation with BTC. The rise in stock price can be termed as a rise in BTC.
MARA has a market cap of $1.895 billion and a negative EPS. The stock price is down by 50% from its 52-week high. It can see a rise to a new high in the future.
MARA Bulls are Ready to Push the Price
The weekly technical chart of MARA hints at a price consolidation. MARA stock price has risen from $8 to $12 within a few days. It is trading near the value of $11.2 with a drop of 4% intraday. The upside trend of MARA can see a halt near the value of $12. Meanwhile, the downside trend of the stock price can see a bounceback from $10. The stock price is trading above the 50 and 100 Daily Moving Averages. There can be a positive crossover in the future which can assist the price to a new high.
The RSI of MARA stock is near 70, highlighting its presence in the overbought zone. There is a weak downside slope suggesting a weak consolidation in price.
Summary
Marathon Digital Holdings recently released its BTC production and mining stats for March 2023. They recorded a rise of over 20% month on month in BTC production.
Technical Levels
Major Support:$10
Major Resistance:$12
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
