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Marathon Digital Holdings on Scam Radar; MARA Stock to Wane Over

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 Analysis
Source: MARA Stock by TradingView

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.

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Technical levels

Support levels: $7.50 and $3.05

Resistance levels: $12.25 and $14.50

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Andrew Smith
Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing