Marathon Digital, A Bitcoin, Ethereum Mining Stock, Looks To Be Heading Toward Support - MARA Holdings (N

Marathon Digital Holdings Inc. (NASDAQ:MARA) shares were trading lower Wednesday after the company reported third-quarter earnings results.

The company mines cryptocurrency and typically trades in sympathy with crypto markets, although Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) were trading higher.

Marathon Digital lost 14.79% Wednesday, closing at $64.84.

Marathon Digital Daily Chart Analysis

The stock recently broke out of what technical traders call an ascending triangle pattern, but looks to be heading back toward the previous resistance level.
The $55 price level is an area where the stock has struggled to cross above in the past, but as it now trades above the level and could hold it as an area of support.
The stock trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the sentiment in the stock is likely bullish.
Each of these moving averages may hold as a potential area of support in the future.
The Relative Strength Index (RSI) took a dip Wednesday and pushed back below the overbought area. The stock is still trading with a greater amount of buying pressure than selling pressure overall.

What’s Next For Marathon Digital?

Bulls are looking to see the stock be able to consolidate above the $55 level. This could allow the stock to see a further bullish push at some point in the future.

Bears are looking to see the stock fall back toward the old resistance line and be unable to hold it as support. Bears are then looking to see the stock fall below the higher low trendline to possibly see a change in trend.

MARAMARA Holdings Inc

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