Marathon Digital Vs. Riot Blockchain: Which Bitcoin Stock Looks Better?

Marathon Digital Holdings Inc. MARA and Riot Blockchain Inc. RIOT are two Bitcoin-related stocks moving up Monday, in sympathy with Bitcoin’s price jump.

See Also: Bitcoin Teases $40,000 — Are We Seeing A Short Squeeze?

Marathon Daily Chart Analysis

• Marathon shares look to be forming into what technical traders call a pennant pattern.
• The stock is trading above both the 50-day moving average (green), and the 200-day moving average (blue). This indicates sentiment in the stock is likely bullish.
• Each of these moving averages may hold as an area of support in the future.

Key Marathon Levels To Watch

• The stock trades within the pennant pattern and is nearing the end in the pattern.
• A break above this pattern resistance could mean the stock is breaking out and possibly seeing a large bullish move.
• The Relative Strength Index (RSI) sits at 57 and has been rising throughout the past week. If the stock reaches the overbought area on the chart as it breaks out of the pattern, it could add to the bullish run that potentially comes after.

Riot Daily Chart Analysis

• Shares of Riot are also trading near the end of the pennant pattern.
• The stock is trading above both the 50-day moving average (green), and the 200-day moving average (blue). This indicates sentiment in the stock is likely bullish.
• The stock may find support near each of these moving averages in the future.

Key Riot Levels To Watch

• Riot gapped up Monday and heads toward pattern resistance. The stock may see a breakout in the coming weeks.
• The stock could see a breakout if it's able to cross above pattern resistance with above-average volume.
• The Relative Strength Index (RSI) sits at 56 and has been moving up throughout the last week showing more buyers have been moving into the stock. If the stock reaches the 70 level or above, it could see a break and a move higher.

Riot Vs. Mara

Both stocks are looking bullish trading in the pennant patterns and either or both could see a breakout soon. Both stocks follow Bitcoin closely and will likely also follow each other closely. Only time will tell what will happen next with these stocks and if they can see a breakout soon.