Marathon Digital Holdings Rises Above 200 Day SMA Amid Bitcoin Correlation
As of April 17, 2023, Marathon Digital Holdings (NASDAQ:MARA) has been making waves in the trading world. Over the past week, the company’s share price has skyrocketed by an impressive 54%, catching the attention of many traders. Interestingly, the stock price seems to be closely following Bitcoin, which saw a slight decline of almost 3% on Monday.
A significant development for Marathon Digital is that the recent rally has pushed it past the 200-day simple moving average (SMA) on the daily chart. This is a crucial indicator for technical traders and investors, as a stock trading above the 200-day SMA is usually considered to be in a bull cycle, while a stock trading below it is considered to be in a bear cycle. Prior to this increase, Marathon Digital had been consolidating below its 200-day SMA since March 17.
Another important SMA to consider is the 50-day, which can provide valuable insight when paired with the 200-day. When the 50-day SMA crosses below the 200-day SMA, it is known as a death cross, while a cross above is called a golden cross. Unfortunately, it is unclear whether Marathon Digital has experienced a death or a Golden Cross based on available information.
Traders are keeping a close eye on Marathon Digital, and the company is even mentioned on Benzinga’s Stock Whisper Index. The stock’s recent rise and its correlation with Bitcoin’s price make it an exciting prospect for many traders. As always, it is important to exercise caution and conduct thorough research before making investment decisions.
MARA Share Update: 17 April 2023 Trading Report and Financial Indicators
On April 17, 2023, MARA stock opened at $11.03, down from the previous day’s close of $11.97. The day’s range was between $10.94 and $11.65, with a trading volume of 754,387.
MARA’s market cap was $2.0 billion, with a price-to-sales ratio of 3.30 and a price-to-book ratio of 4.51. The company’s profit growth for the last year was -1,561.81%, while the profit growth for this year was +103.67%. Earnings growth for the next five years was +50.00%.
MARA’s P/E ratio was not available (NM), meaning the company had no earnings to report. The EPS forecast for the current quarter was -$0.08, indicating that the company was expected to report a loss for the quarter.
MARA belonged to the technology services and data processing services sector. The company’s headquarters were located in Las Vegas, Nevada.
Marathon Digital Holdings Inc (MARA) stock performance and growth potential in 2023
On April 17, 2023, Marathon Digital Holdings Inc (MARA) had a median target price of $15.00, according to five analysts providing 12-month price forecasts. The high estimate was $20.00, while the low estimate was $5.00. This median estimate represented a 31.18% increase from the last price of $11.44.
Marathon Digital Holdings Inc is a digital asset technology company that mines cryptocurrencies. The company operates a fleet of approximately 32,000 Bitcoin miners and has a total hash rate of 2.56 exahash per second (EH/s). The company’s mining operations are located in the USA and Canada.
Investors looking to buy shares of Marathon Digital Holdings Inc. could consider the company’s strong position in the cryptocurrency mining industry. The company had a large fleet of Bitcoin miners and a high hash rate, which could give it an advantage over its competitors.
However, investors should also be aware of the risks associated with investing in cryptocurrencies. The value of cryptocurrencies can be affected by a number of factors, including regulatory changes, market volatility and security risks.
Overall, the stock performance of Marathon Digital Holdings Inc on April 17, 2023 suggested that the company had potential for growth in the coming months. However, investors should also be aware of the risks associated with investing in cryptocurrencies and should conduct their own research before making investment decisions.
