{"id":57473,"date":"2022-07-28T08:00:38","date_gmt":"2022-07-28T12:00:38","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=57473"},"modified":"2022-07-26T12:23:49","modified_gmt":"2022-07-26T16:23:49","slug":"chart-spotlight-marathon-digital-holdings-mara","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2022\/07\/chart-spotlight-marathon-digital-holdings-mara\/","title":{"rendered":"Chart Spotlight: Marathon Digital Holdings (MARA)"},"content":{"rendered":"

Cryptocurrencies are showing big signs of life again.<\/p>\n

Look at Bitcoin, for example. After crashing to a low of $19,097, BTC is now back up to $22,960. Not only is that great news for cryptocurrencies, it\u2019s a strong catalyst for mining stocks, like Marathon Digital Holdings (NASDAQ: MARA)<\/a>.<\/p>\n

After all, miners rise and fall with the price of Bitcoin.<\/p>\n

Technically, MARA just broke above double top resistance dating back to late May 2022. Now, from a current price of $11.48, we could see a potential bearish gap refill around $16 a share. If Bitcoin can continue to recover, MARA could even retest $30 at some point.<\/p>\n

Granted, there are some red flags...<\/p>\n

Not only is MARA at its upper Bollinger Band, it\u2019s also over-extended on Williams\u2019 %R, Fast Stochastics, and on Relative Strength. So, there is some concern. However, if Bitcoin can continue to push higher, MARA is sure to follow.<\/p>\n

\"MARA<\/a>
\n

Source: MarketClub<\/a><\/em><\/center><\/small><\/p>\n

Helping, BTIG analyst Mark Palmer believes Bitcoin could quadruple from current prices to $95,000 by 2023, as noted by U Today. <\/p>\n

Changpeng Zhao, the CEO of Binance believes Bitcoin could rally to $70,000 in \u201ca few months or years,\u201d he said, as quoted by The Guardian. <\/p>\n

Even the CEO of MicroStrategy, Michael Saylor has been buying weakness in Bitcoin, too.<\/p>\n

Fundamentally, there\u2019s a lot to like about MARA, as well.<\/p>\n

In the second quarter of 2022, the company produced 707 self-mined Bitcoin, an 8% increase year over year from 654 bitcoin mined in Q2 2021. Year-to-date Marathon Digital produced 1,966 Bitcoin, a 132% increase year over year. In addition, the total number of miners installed and awaiting energization at Texas facilities increased to 29,640 miners.<\/p>\n

Marathon Digital also just secured a five-year deal with Applied Blockchain, which builds and operates data centers throughout America. <\/p>\n

With that, Marathon \u201csecured approximately 254 megawatts of new hosting arrangements for its Bitcoin mining operations, with an option to increase to 324 megawatts, from a variety of hosting providers. Marathon believes it has now secured ample hosting arrangements to support the Company\u2019s previously stated goal of approximately 23.3 exahashes per second of computing power for Bitcoin mining,\u201d as noted in a company press release.<\/p>\n

That\u2019s big news for MARA, and signals that the company will survive the rout.<\/p>\n

From a current price of $11.48, I\u2019d like to see the Marathon Digital Holdings stock test $16 a share, near-term. Longer-term, I\u2019d like to see it test $30 again.<\/p>\n

Ian Cooper
\nINO.com Contributor<\/p>\n

Disclosure: This contributor did not hold a position in any investment mentioned above at the time this blog post was published. This article is the opinion of the contributor themselves. The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. This contributor is not receiving compensation (other than from INO.com) for their opinion.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrencies are showing big signs of life again. Look at Bitcoin, for example. After crashing to a low of $19,097, BTC is now back up to $22,960. Not only is that great news for cryptocurrencies, it\u2019s a strong catalyst for mining stocks, like Marathon Digital Holdings (NASDAQ: MARA). After all, miners rise and fall with […]<\/p>\n","protected":false},"author":42,"featured_media":54500,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6920],"tags":[6223,31732,31757,31756,325],"class_list":["post-57473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ino-com-contributors","tag-bitcoin-mining","tag-chart-spotlight","tag-mara","tag-marathon-digital-holdings","tag-marketclub"],"yoast_head":"\nChart Spotlight: Marathon Digital Holdings (MARA) - INO.com Trader's Blog<\/title>\n<meta name=\"description\" content=\"Bitcoin is showing signs of life again which is a strong catalyst for mining stocks, like Marathon Digital Holdings (MARA).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ino.com\/blog\/2022\/07\/chart-spotlight-marathon-digital-holdings-mara\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chart Spotlight: Marathon Digital Holdings (MARA) - 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