Marathon Digital stock price (NASDAQ: MARA) is reversing after hitting the 52-week high. It corrected 20% approx from its recent high and entered into consolidation.
MARA stock price sustained above the 50-day and 200-day EMA showing the trend is in an upward direction. Previously, the EMA displayed a golden crossover which created a positive hope for long-term investors.
In the mid of June, Marathon Digital’s stock price breakout of the $13.00 hurdle. It triggers the positive sentiment and the price begins to rise by forming higher highs.
It rallied 56% approx in a short period of time and attempted to break the $20.00. However, the attempt was not successful and the price witnessed profit booking.
Presently, MARA stock price is consolidating in the narrow range between $15.00 to 18.00. It seems that short-term correction might continue and prices are likely to test the 50-day EMA.
The volume in the MARA stock is declining showing fewer participants are interested at current levels or they might be waiting for earnings. Marathon Digital Stock Price closed the previous session at $15.83 with an intraday decline of -4.41%.
Will Marathon Digital Stock regain the $20.00 mark?
Marathon Digital stock price (NASDAQ: MARA) performed well in the past few months. It generated a decent return for long-term investors. The previous breakout in the MARA stock looks sustainable so any short-term downfall will be easily absorbed by the buyers.
Marathon Digital Holdings Inc. scheduled quarterly earnings on August 8, 2023. Market analysts estimated an EPS of -0.027 and revenue estimates are $89.245 Million.
If the company succeeds to meet the analyst estimate then the stock price might bounce back and regain the $20.00 mark. On the other hand, if the company disappoints then the price might decline further toward $13.00.
MARA Stock Looks Bearish for Short Term
MARA stock price is mildly bearish for the short term. It formed a bearish candle on the weekly time frame. However, the prices are near to the EMA so the probability of a bounce back remains high.
The MACD curve is reversing down and displays a negative crossover. It indicates prices likely to trade with bearishness for some more time. The RSI at 50 slopes down denoting neutral territory as well as weakness.
Conclusion
Marathon Digital stock price (NASDAQ: MARA) witnessed profit booking after hitting the 52-week high at $19.88. The technical analysis suggests MARA stock is in an uptrend and the downfall is likely to take a halt near $13.00.
Technical levels
- Resistance levels: $18.00 and $20.00
- Support levels: $13.00 and $10.50
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.
Nancy J. Allen is a crypto enthusiast and 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.
Source: https://www.thecoinrepublic.com/2023/08/06/marathon-digital-stock-will-mara-stock-recover-after-earnings/