Marathon Digital Holdings Inc. is a digital asset technology company. The company operates in crypto mining with core focus on the blockchain ecosystem and the era of digital assets. At present the crypto mining industry is in distress and is bearing losses. Several notable players dived into bankruptcy, while others had to chop down their costs and shut down branches.
A Canadian crypto miner, Hive Blockchain’s earning reports reflected the situations going south, as its reports showed losses. On similar grounds, Greyscale and the SEC lawsuit has created a tornado in the mining industry.
Crypto assets and Mining in 2023
Bitcoin mining in 2023 is deemed less profitable by the miners as hash rates and prices tumble. As a result, mining companies like Core Scientific (CORZ), Riot Blockchain (RIOT), Bitfarms (BIT), and many others were tracked down by huge figures.
Non-surging prices also could be the reason for miners to bear losses. Bitcoin’s incapability to attain $25,000 and halving approaching, the uncertain trend disappoints the market watchers.
Another war fought for crypto mining being highly energy-intensive. With the global climate worsening with each day passing by, the ecologists are looking for loopholes to fill, and mining comes across as a problem. The estimated electricity consumption of crypto mining is the US alone responsible for about 30 million tons of carbon dioxide emission.
Marathon stock prices have fallen by 8.38% during the intraday session. The stock lost about 10.47% in the past 7 days, making the volume volatile. The current price of $6.67 seems to be seeking support near $6.14. If the support testing is successful, the prices may rise near $9.70, else may fall to secondary support of $3.08.
The RSI moves sideways near the half line to reach a neutral market state. The pattern suggests RSI may fall further in the seller zone to reflect their dominance. The MACD prepares for the formation of a positive cross-over, and can form rising buyer bars in the short term.
Conclusion
Marathon stock prices are anticipated to suffer in the short term, but can take a bullish turn near the scheduled halving. The market is currently non-profitable and can remain under the same influence until any drastic uplifter arrives.
Technical levels
Support levels: $6.14 and $3.08
Resistance levels: $9.70 and $12.35
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and 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.
Source: https://www.thecoinrepublic.com/2023/02/27/marathon-stock-prices-mara-in-mellow-due-to-mining-disparity/