Marathon Digital Stock: Is the MARA Stock Preparing for breakout?

• Marathon Digital Stock (NASDAQ: MARA) surged 27% in the previous week.
• The MARA Stock Price sustains above the 50 and 200 day EMA and might display golden crossover. 
• MARA Stock Price is trading near to the YTD highs. 

Marathon Digital Stock Price gained 27% in the previous week and showed initial signs of range breakout. From the past few months, MARA Stock Price is consolidating in the narrow range between $8.00 to $10.00. 

In the recent up-move MARA Stock price breakout of the $10.00 hurdle and expanded the range upward. The volume also increased and prices followed the same direction. It indicates some genuine investors have taken long positions and expecting the momentum to continue in coming months. 

MARA Stock holds the price above the 50 and 200 day EMA showcase the trend is reversing in the upward direction. EMAs are preparing for the golden crossover which is boosting the confidence of investors. 

The recent up-move looks reliable and if the momentum continues the MARA stock might reach $15.00 in a short span of time. 

Marathon Digital Stock Price performed well in 2023 and up by 273% YTD basis. It shows that many genuine investors are participating in the rally. Marathon Digital Stock Price closed the previous session at $12.71 with an intraday rise of 7.44%. The Market Capitalization stands at $2.13 Billion.

Will the momentum continue in Marathon Digital Stock?

Marathon Digital Stock Price has grabbed the attention of the long term investors due to outperformance in 2023. If the buyers are able to hold the prices above $10.00 any short term down-move will be easily absorbed. 

Till MARA Stock Price holds $10.00 the prices are in bulls grip and probability of continuing the upward momentum is high. On the other hand, If the price drops below $10.00 then the up-move will be considered as a bull trap. 

The next phase of rally in the MARA stock will begin when buyers are able to break out of the $15.00 hurdle. As of now, the prices are expected to consolidate in the range between $10.00 to $15.00. 

The technical analysis suggests, MARA stock is gaining momentum and might journey to $15.00.

MARA Stock Price Analysis on weekly time frame

MARA Stock Price formed a strong breakout candle on the weekly timeframe. The buyers seem to be more aggressive as compared to sellers. The broader index is also performing well which positively impacts the sentiment of investors. 

The MACD curve has generated a fresh positive crossover and histogram bar is also on rise. It indicates bullish momentum is likely to continue for some more time. The RSI at 68 sloping upward denotes the strength of bulls and more room for upside is open. 

Conclusion

Marathon Digital Stock Price (NASDAQ: MARA) closed the previous week with gains of 27%. MARA Stock breakout of $10.00 hurdle and expanded the range upward. The technical analysis suggests, MARA Stock is in bulls grip and more upward momentum is possible.

Technical levels

Resistance levels: $15.00 and $18.00

Support levels: $8.00 and $6.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.