MARA stock price forecast: technicals are supportive

2023-05-15

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Marathon Digital, a number one mining firm, printed robust outcomes.
The corporate mined extra bitcoins in Q1 than in the identical quarter in 2022.
Marathon’s technicals on the day by day chart are bullish.

Marathon Digital (NASDAQ: MARA) inventory value moved sideways after the corporate printed encouraging outcomes. The shares have been buying and selling at $10.22, the place they’ve been previously few days. They’ve jumped by greater than 277% from the bottom stage in December.

Marathon Digital earnings

Marathon Digital, one of many best-known Bitcoin mining firms, printed robust monetary outcomes, helped by greater bitcoin costs. Bitcoin jumped from a low of $15,500 within the quarter and ended the quarter at about $28,000.

Marathon’s metrics have been higher than the place they have been in the identical interval final yr. It produced 2,195 bitcoins within the quarter as the common BTC produced per day have been 24.4. Its put in hash charge jumped to fifteen.4.

In consequence, Marathon Digital’s income jumped to $51.1 million because the good points on the sale of bitcoin rose to $17.6 million. It boosted its money balances by $12 million and decreased its general debt by $50 million. It now has over $124 million in money and 11,466 bitcoin. In a press release, the corporate’s CEO said:

“With extra hash charge coming on-line within the months forward, Marathon stays on observe to succeed in our 23 exahash purpose close to the center of this yr. We stay optimistic that we will obtain our major progress targets.”

MARA inventory value forecast

So, is Marathon inventory an excellent purchase? The way forward for the inventory will rely upon the Bitcoin value within the subsequent few months. If Bitcoin continues to underperform, then I think that the share value will stay beneath strain within the subsequent few months.

It’s onerous to foretell whether or not bitcoin value will rise or retreat. Nonetheless, with the Nasdaq 100 index in a bull market, there’s a chance that bitcoin can even bounce again quickly.

The case for the next bitcoin value can also be made by the truth that America’s inflation is easing, which signifies that the Fed will embrace a strategic pause. Additional, Bitcoin tends to do effectively forward of halving occasion. Halving will occur in April. In consequence, analysts who talked to Bloomberg stated that BTC might surge to as excessive as $100k within the subsequent few years.

Technicals are additionally supportive of the MARA inventory value. The shares are barely above the ascending trendline proven in purple and the 50-day exponential transferring averages. Subsequently, there’s a chance that the shares will leap to the subsequent resistance level at $12.77, which is about 28% above the present stage.