MARA Stock Price Soars: Is Marathon Digital a Buy?

• MARA stocks jumped to a high of $12.75, representing a surge of over 319% from the lowest level in December.
• The main reason for this is that Bitcoin and other cryptocurrencies have seen an increase in demand due to the phenomenon of TradFi (traditional finance companies moving into the crypto industry).
• Marathon Digital’s stock price will depend on whether Bitcoin moves above $31,000, which would invalidate its double-top pattern.

MARA Stock Price Tests Key Resistance

Marathon Digital share price has soared to its highest level since November as Bitcoin and other cryptocurrencies have seen increased demand. MARA shares jumped to a high of $12.75, meaning it has surged by more than 319% from the lowest level in December. This bullish breakout can be attributed to the phenomenon known as TradFi (traditional finance companies entering into the crypto industry), with Blackrock and Deutsche Bank leading the charge with their respective ETF filings and custody license applications respectively.

Factors Affecting MARA Stock Price

The future price action of Marathon Digital stock will ultimately depend on whether Bitcoin manages to move above $31,000 – an important resistance point in its double-top pattern – or not. If it manages to break past this level, then it could signal further bullish momentum for MARA stock prices going forward. Other Bitcoin mining stocks like Riot Platform and Hut 8 Mining also surged due to this recent rally in crypto prices.

TradFi Phenomenon Driving Crypto Prices

The TradFi phenomenon appears to be one of the key drivers behind this rally in cryptocurrency prices. Not only did Blackrock announce its iShares Bitcoin Trust application with SEC but Invesco and WisdomTree have also filed their own respective ETFs tracking spot BTC prices too – something which analysts believe will eventually be approved by SEC under duress from institutional investors seeking access into crypto markets. Credit Agricole is another example of large institutions entering into crypto space after receiving its custody license earlier this week too.

Conclusion: Is Marathon Digital A Buy?

In conclusion, Marathon Digital’s stock price is likely dependent on what happens next with Bitcoin prices – specifically at the key resistance point around $31k mark – which could provide further buying opportunities if broken through successfully or else pose further challenges for MARA shareholders if it fails to do so. Investors should therefore keep an eye on Bitcoin’s performance before making any decisions about investing in Marathon Digital stocks right now..

References

[1] https://www.foolscapitalmarketstoday/mara-stock-price-tests-key-resistance/