Most crypto mining stocks including MARA stock, RIOT stock, CIFR stock and HUT stock were struggling this week. Despite the recent upsurge in the crypto market, no signs of recovery are shown in mining stocks.
MARA Stock Technical Price Analysis
In the weekly time frame, MARA stock lost 17.30% of its trading price. It is observed that Maraton Digital Holdings, Inc. stock price is heading towards its 52 weeks low.
MARA stock peaked at $19.88 and its lowest trading price in the past 52 weeks time frame is $3.11. Marathon Digital Holdings, Inc. has a market capitalization of $1.713 Billion. A surge of 328.68% is seen in the market cap in 2023 compared to that in 2023.
A significant decline of 28.13% is seen in the trading price of MARA stock price. At the time of publication, Marathon Digital stock was trading 57.14% below its annual price target of $15.40.
On September 15, 2023, MARA stock declined by 2.00%, trading in the range between $9.53 and $9.95. The average trading volume of MARA shares is 28.538 Million.
The MACD line is moving parallel to the signal line reflecting increasing bearish presence. The RSI line and RSI- based MA line are moving near RSI Lower Band.
Technical Levels
Support Levels: $8.64 & $7.10
Resistance Level: $11.00 & $11.69
RIOT Stock Technical Analysis
RIOT stock lost 4.69% of its trading price in the weekly time frame and declined more than 19.75%. Despite short term losses, Riot Platforms, Inc. added 208.60% to its trading price in YTD time frame.
The annual price target of RIOT stock is $19.22 which is around 78.84% greater than its current trading price. Riot Platform, Inc. has a market capitalization of $1.996 Billion.
The MACD line is moving parallel to the signal line in the negative zone and significant bulls accumulation is above the histogram which indicates surge in price but, RIOT stock prices are falling constantly.
The RSI line is close to the RSI-based MA line above 30, reflecting neutrality. RIOT share’s average trading volume is 15.729 Million. According to TradingView 175.738 Million shares of Riot Platforms, Inc. are free floating and the remaining 5.16% are closely held.
In Q2, 2023, the Bitcoin mining company RIOT Inc. reported 9.38% less revenue than the estimated figure. However, the reported EPS was 14.83% greater than the estimated EPS.
Technical Levels
Support Levels:$10.09 & $8.94
Resistance Levels: $11.51 & $15.55
Technical Analysis of CIFR Stock
Cipher Mining, Inc. stock lost 5.90% of its trading price in the weekly time frame and declined over 15.50% in a month. At press time CIFR stock was trading at $2.87 with an intraday trading volume of 1.536 Million.
CIFR stock peaked at $5.30 and its lowest traded price was $0.38. On September 15, CIFR stock opened at $2.85, and closed at $2.87.
Cipher Mining, Inc. has a market capitalization of $720.243 Million. Despite a short term decline, CIFR stock price surged over 396.97% in YTD time frame and 68.82% in a year.
The annual price target of CIFR stock is $5.25, which is around 82.93% greater than its current trading price. Moreover, the MACD is reflecting negativity and is moving parallel to the signal line.
Technical Levels
Support Levels: $2.74 & $2.66
Resistance Levels: $3.13 & $3.57
Conclusion:
over the past one week, major crypto mining stocks such as CIFR stock, MARA stock and RIOT stock have declined over 2-12 percent. Despite positive momentum in the crypto market, crypto mining is reflecting mild negativity. As per market analysts, chances of interim reversal are low, and price might slip further.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock 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.
Source: https://www.thecoinrepublic.com/2023/09/16/mara-riot-and-cifr-stock-decline-despite-favorable-market/