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- 1 MARA stock price faced rejection from the $10.00 and reversed down.
- 2 Marathon Digital stock price is trying to climb above the 50-day EMA.
- 3 Quarterly Earnings of MARA beat the EPS estimates but missed the revenue.
MARA stock price faced rejection from $10.00 and fell approx. 16% in the last five trading sessions. The stock seems to be in a correction phase but is trying its best to halt the downfall.
In October, MARA stock price spent time in the narrow range consolidation between $7.22 to $10.00. The share price took support near $7.22 and showed a minor bounce but was unable to break the hurdle of the higher range.
Meanwhile, buyers also tried to push the price above the 50-day EMA to reverse the short-term trend. However, due to the uncertainties in the quarter earnings, buyers failed to give the follow-up momentum.
Marathon Digital Holdings Inc. released the quarterly earnings on November 8, 2023, after the market closed. It reported an EPS of $0.379 and revenue of $97.849 Million.
The company beat the analyst EPS prediction by 457.71% but missed the revenue by 1.77%.
In the after-hours trading session, MARA stock price rose 4.56%; indicating that investors are satisfied with earnings. So, the stock price in the regular trading session is likely to open gap up.
MARA Stock Price To Regain $10.00 By November End?
MARA stock price is in a downtrend and the strong presence of sellers is visible on the higher levels. The price pattern of the stock is bearish and short-term pullbacks are facing rejection. It indicates that it’s going to be difficult for the bulls to regain the $10.00 mark.
On the lower side, $7.22 is acting as an immediate support for the bulls. If it gets broken down then stock prices might slip to the YTD lows.
The analysis suggests if Marathon Digital stock price climbs above the 50-day EMA and sustains. Then the possibility of regaining the $10.00 mark will increase.
Marathon Digital Stock Price is Near the Demand Zone
Marathon Digital stock price is trading near its demand zone and buyers are trying to rebound. However, till now price action did not show any signs of recovery or reversal.
MARA share price is expected to open gap up in today’s session. So, if buyers succeed in giving follow-up momentum, then signs of short-term trend reversal might be visible.
The MACD curve is near the zero line and losing the upward momentum. It indicates mild bearishness. The RSI at 45 slopes down denoting weakness. So, if the price declines further, then it might enter the oversold territory.
Conclusion
MARA stock price is in a downtrend and formed a bearish pattern. The bears look more aggressive as compared to the sellers. Therefore, the probability of regaining the $10.00 mark by November end is low.
However, if they climb above the 50-day EMA, then the probability of a pullback rally will increase.
Technical levels
- Resistance levels: $11.00 and $13.82
- Support levels: $7.22 and $5.20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets 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.
