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- 1 Marathon Digital Holdings is receiving reports regarding a potential scam under its name.
- 2 With peaking hash rates, digital asset mining companies enter into a cut-throat competition.
- 3 MARA stock price rises by 7.5% in the intraday session.
Marathon Digital Holdings is under a scam radar, as many foreign as well as domestic entities claim to be the crypto mining company. The occurrence was shortly reported to the company, but it also sheds light on the caving goodwill of the company. The mining company issued an alert regarding the reportings and clarified their take on the claims to be Marathon Digital Holdings.
Mining Companies to Die For?
Marathon Digital Holdings face a scam that can potentially crack the company’s goodwill. Although the company is in action to put such attempts to an end, this unveils the inbuilt risk of entering the crypto space. Another such collapsing mining company struggles to collect its broken pieces amid bankruptcy. Core Scientific, a Bitcoin miner, tries negotiating its way through Chapter 11 bankruptcy by signing contracts to host almost 18,000 Bitcoin mining rigs and three other firms.
A unanimous catastrophe that casts a shadow over the mining industry can cause shockwaves that reach the core of crypto mining. The current hash rate for the Mara pool has been stuck to 4.7 EH/s, marking a decline. Marathon Digital Holdings has a total share of 26% in the total hashrate distribution, but this position can stoop down with the current happening.
MARA Stock Price Analysis
MARA stock price forms a trend line with higher lows, establishing an uptrend in the price action. The rising price can possibly face a cascading effect of the scam and nosedive, testing several support zones. The EMA ribbon coincides with the current price action and struggles to establish a distinct trend for Marathon Digital Holdings. The Bollinger Bands move parallel and reflect an indecisive market trend. The trading volume mirrors active buyers and sellers battling to take over.
The RSI witnesses an uptick, suggesting rising buyer interest with a bullish price trend. The MACD nears a convergence and records minimal seller interaction to suggest a possible buyer takeover. MARA stock price displays an optimistic outlook, leveraging the proactive corrective measures for the mishappening. The investors show escalating interest in Marathon Digital Holdings, as they deem it to survive the scam debacle.
Conclusion
Marathon Digital Holdings is facing hardships regarding the reported identity scam, where foreign and domestic entities claim to be digital asset mining company. The Analysts believe that MARA stock price to doom, but investors hold the pieces up. The positive trend can be attributed to the immediate damage control to prevent further wrecking. The stock behaves bullish for the time being and can ignore the impact of the occurrence. The holder can trust the support near $7.50.
Technical levels
Support levels: $7.50 and $3.05
Resistance levels: $12.25 and $14.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and 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.
