Mara Stock Forecast: Will Marathon Digital Stock Price Hit $20 Mark?
MARA stock forecast demonstrates the bullishness in the last trading session as the price is up by approximately 2.98%.
The stock price is trading below the key moving averages of 20 and 50-Day but in previously it took support on the 100-day moving average level and tried to bounce back.
Marathon Digital (MARA) is one of the largest and most efficient Bitcoin mining companies in North America, with a fleet of over 133,000 miners that can produce up to 13.3 exahash per second (EH/s) of hash power. The company also holds over 7,000 bitcoins on its balance sheet, worth over $280 million at current prices.
However, the company’s stock price has not been as stable as its mining operations, as it has experienced significant swings in the past year, influenced by the dynamics of the crypto market, the regulatory environment, and the competitive landscape.
At the time of writing the stock price is trading at the level of $16.61 with an intraday gain of 2.98% and the 24-hour trading volume is 82.483 Million with a 30-day average trading volume is 95.253 Million. The current market cap of the company is 3.698 million and have a share float of 216.376 million.
The performance of the coin is not quite good as it gave a negative return of 22.74% in the past week and 34.91% in the past month. Year to date it gave a negative return of 37.65%. however, in the last 3 months, the stock price surged by approximately 67.95% and gained by approx 120.88% last year.
According to the data from Tradingview data, the consensus among the 8 analysts covering Marathon Digital is a buy rating, with a median target price of $16.82, implying a 4.3% upside from the current price of $16.13. The highest estimate is $27.00, suggesting a 67.5% increase, while the lowest estimate is $8.50, indicating a 47.3% decrease.
MARA Stock Forecast: Technical Analysis
Source: Tradingview
The MACD curve is currently trading at -0.4419 and the signal curve is currently trading at 1.01 above the MACD curve heading downward signaling bearishness.
The RSI curve is also heading downward currently hovering near 40.34 below the 14-day SMA line at 51.69demonstrating bearishness.
The technical indicators for Marathon Digital stock are mixed, showing neutral signals. The stock price is trading below the key moving averages of 20 and 50-Day, but above the 100-day, indicating a neutral trend. The MACD curve is below the signal curve, signalling a bearish momentum. The RSI curve is near the 40 level, indicating a bearish sentiment.
However, the stock price also showed some bullishness in the last trading session, as it rose by approximately 2.98%, closing at $16.61. The stock price also bounced back from the support level of $15.21, which was the low of the day.
The MARA stock price is now facing resistance at the $17.14 level, which was the high of the day. If the stock price can break above this level, it could test the next resistance at the 20-day moving average of $18.07.
Conclusion
Marathon Digital stock analysis shows a mixed picture, with both bullish and bearish signals. The stock price is trading in a neutral trend but has shown some signs of recovery in the last session. The analysts and the charts have different views on the stock’s potential, with some predicting a rise above $20, and others expecting a fall below $10. Therefore, investors should be cautious and do their research before making any decisions.
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
