Home Analysis MARA stock price forecast: technicals are supportive

MARA stock price forecast: technicals are supportive

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  • Mining giant Marathon Digital reports strong earnings.

  • The company mined more Bitcoin in the first quarter than it did in the same quarter of 2022.

  • Marathon technicals on the daily chart are bullish.

Shares of Marathon Digital (NASDAQ: MARA) were flat after the company announced encouraging results. The stock is trading at $10.22 and has remained at that level for the past few days. It is up more than 277% from its low in December.

Marathon Digital Earnings

Marathon Digital, one of the most well-known Bitcoin mining companies, has posted strong financial results, supported by a rising stock price. Bitcoin price. Bitcoin surged from its quarterly low of $15,500 to end the quarter at around $28,000.

Marathon metrics were better than at the same time last year. The average BTC generated per day was 24.4 bits for him, so this quarter he generated 2,195 Bitcoins. Installed hashrate he jumped to 15.4.

As a result, the profit on the sale of Bitcoin increased to $17.6 million, and Marathon Digital’s revenue jumped to $51.1 million. Cash balances increased by $12 million and total liabilities decreased by $50 million. It currently holds over $124 million in cash and 11,466 bitcoins. In a statement, the company’s CEO said: Said:

“With more hashrates expected to come online in the coming months, Marathon is on track to hit its target of 23 exahash near the middle of this year. We remain optimistic that we will hit our key growth targets. is.”

MARA stock price forecast

So are marathon stocks a good buy? The future of the stock will depend on the Bitcoin price in the coming months. If Bitcoin continues to perform poorly, I suspect the stock will continue to come under pressure in the coming months.

It is difficult to predict whether the price of Bitcoin will rise or fall. However, with the Nasdaq 100 Index in a bull market, Bitcoin could also bounce back soon.

The rationale for Bitcoin price to rise is also supported by the fact that US inflation is easing, which means the Fed will accept a strategic moratorium. Additionally, Bitcoin tends to perform well ahead of halving events. Half-life is in April. As a result, analysts interviewed by Bloomberg said BTC could soar to $100,000 in the next few years.

Technical analysis is also supporting the MARA stock price. The stock is just above the red uptrend line and the 50-day exponential moving average. Therefore, the stock could jump to the next resistance point at $12.77, about 28% above current levels.

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