Riot Blockchain, Marathon Digital Look Bullish Ahead Of Coinbase IPO

Investor interest in Bitcoin BTC/USD related stocks are surging ahead of Coinbase's COIN initial public offering.

Coinbase is set to debut on the Nasdaq on April 14 and on Monday Riot Blockchain Inc RIOT and Marathon Digital Holdings Inc MARA stocks were trading up on high volume showing investors and traders think the excitement over Coinbase’s public listing will benefit these two crypto mining companies.

The Marathon Chart: Last Tuesday, Marathon reached a new all-time high of $57.75 before falling into a consolidation pattern on the daily chart. Marathon’s stock surged 95% between March 25 and April 5, setting up a pole in a bull flag pattern and the consolidation that has taken place between then and now is within a descending channel that makes up the flag in the pattern.

Marathon stock is trading above both the eight-day exponential moving average (EMA) and the 21-day EMA, which is also bullish. Bulls want to see Marathon’s stock break up above the top trendline of the flag and push over $57.75 to make a new all-time high. Bears want to see the stock continue to trend down in the channel until it loses support at the $45.20 mark.

The Riot Chart: On Monday morning, Riot temporarily broke up out of a symmetrical triangle formation, busting through the descending trendline that had been holding it down since Feb. 19. Riot’s stock is trading above both the eight-day and 21-day EMAs and the eight-day EMA looks about reading to cross above the 21-day EMA, which is bullish. Because Riot is trading right above both EMAs, it's not extended, and if volume comes into the stock, it has room for a move to $59.33 before reaching a resistance level.

Bulls want to see Riot’s stock move and hold above the upper descending trendline of the symmetrical triangle and jump above the upper resistance for a bigger move up to its all-time high of $79.50. Bears want to see the stock break down from the triangle and lose support at $47.42.

MARA and RIOT Price Action: At publication time, Marathon was trading up 5.5% at $51.71 and Riot was trading up 8.8% at $54.