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- 1 RIOT stock and MARA stock the mining giant’s stock fell around 28.60% and 21.78% respectively in a week.
- 2 Bitcoin, the pioneer cryptocurrency, has hit a two-month low, dropping below $26,000, which has a notable impact on mining stocks.
- 3 Mining stocks like RIOT Stock and MARA stock are reaching their support zone but may slip further, suggests analysts.
RIOT and MARA stock prices might rebound with sufficient support, but if BTC’s decline persists, significant consequences could be on the horizon. Experts predict that Bitcoin could experience a further decline due to panic-driven selling, potentially causing its value to drop.
However, if Bitcoin stabilizes and recovers a value above $26,000, this recovery could positively impact mining stocks like Marathon Digital Holdings Inc. (NASDAQ: MARA) and Riot Platforms Inc. (NASDAQ: RIOT). This scenario could lead to RIOT and MARA stocks safely maintaining a position above the $10 threshold.
As of the current writing, the RIOT stock was valued at $11.71, experiencing a decrease of 10.61% in its market capitalization throughout Thursday’s trading session. Conversely, MARA stock was priced at $12.25, showing a market capitalization loss of 9.26% during the same trading session on Thursday.
RIOT Stock and MARA Stock: Powering Cryptocurrency and Blockchain
RIOT Platforms Inc. (NASDAQ: RIOT) and Marathon Digital Holdings Inc. (NASDAQ: MARA) are publicly traded companies heavily involved in the cryptocurrency and blockchain sectors.
RIOT Blockchain primarily focuses on building, supporting, and operating blockchain technologies, including their application in cryptocurrency mining. The company aims to secure the blockchain through its mining operations and is committed to advancing the decentralized technology landscape.
Marathon Digital Holdings, on the other hand, is also deeply immersed in cryptocurrency mining. As a digital asset technology company, MARA operates as a self-mining company focused on the production of newly minted cryptocurrencies, primarily Bitcoin.
The company leverages its mining operations to enhance the security and efficiency of the blockchain while contributing to the overall growth of the cryptocurrency ecosystem. RIOT and MARA play integral roles in the evolving world of cryptocurrencies and blockchain technology, contributing to advancing and adopting these transformative innovations.
Analyzing Riot Platforms Inc. (NASDAQ: RIOT): A Technical Overview
After testing the resistance at $20.65, RIOT stock price has started to decline, heading towards the support area. It has fallen below its 20, 50, and 100-day DMA but is attempting to stay above the 200-day daily moving average. Nevertheless, sellers above average largely influence the trading volume, indicating significant selling pressure.
The RIOT stock price has experienced a decrease of approximately $28.60 within a week and a notable decline of 35.27% over a month. However, it’s important to note that RIOT stock has shown an increase of around 4.00% in the last three months and a substantial growth of 84.41% over the past six months. Furthermore, the stock has achieved impressive gains of approximately 235.53% year to date.
Technical indicators point to the fall of RIOT stock price. Relative strength index and moving average convergence divergence both confirm the slippage of RIOT shares.
RSI was at 28 and had entered the oversold territory. The MACD line is below the signal line below zero, which is in the negative zone. Investors in Riot Platforms Inc (NASDAQ: RIOT) must wait until RIOT stock price gets support near the $11.45 level.
Technical Levels
Support Levels: $11.45 and $10.00
Resistance Levels: $13.88 and $14.45
Analyzing Marathon Digital Inc. (NASDAQ: MARA): Technical Insights
Following its test of the $19.90 recovery level, the MARA stock price has entered a decline and is currently striving to maintain a position above the $12.25 threshold. Meanwhile, trading volume is higher than average and significantly influenced by sellers.
MARA stock has dipped below its 20, 50, and 100-day DMA and is working to stay above the 200-day daily moving average. Analysts point out that if BTC maintains its value above $25,000, mining stocks like MARA and RIOT might commence a recovery to sustain above $10 mark.
Technical indicators confirm the decline of MARA stock price. Relative strength index and moving average convergence divergence both indicate the downtrend momentum of MARA shares.
RSI was at 32 and is about to enter the oversold territory. The MACD line is below the signal line into the negative zone. Investors in Marathon Digital Inc. (NASDAQ: MARA) stock need to wait for any directional change as soon as BTC initiates its recovery.
However, as Bitcoin, the cryptocurrency giant started falling, mining stocks like RIOT and MARA started plummeting. Now we can conclude the analogy between mining stocks and Bitcoin, the traditional cryptocurrency.
Technical Levels
Support Levels: $12.24 and $11.50
Resistance Levels: $12.90 and $15.00
Summary
In summary, RIOT and MARA stock’s potential rebound hinges on support. BTC’s decline could lead to significant consequences. Recent trends in RIOT stock post the $20.65 resistance test, and the correlation with Bitcoin’s fall emphasizes market dynamics.
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 or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
