MARA stock price forecast: technicals are supportive

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  • Leading mining company Marathon Digital published strong results.

  • The company mined more bitcoin in the first quarter than in the same quarter of 2022.

  • Marathon technicals are bullish on the daily chart.

Marathon Digital (NASDAQ:MARA) stock price moved sideways after the company published encouraging results. Shares were trading at $10.22, which is where they’ve been over the past few days. They have jumped more than 277% from the lowest level of December.

marathon digital earning

Marathon Digital, one of the best-known bitcoin mining companies, published strong financial results, helped by high Bitcoin prices. Bitcoin rallied from a low of $15,500 in the quarter and ended the quarter at around $28,000.

The metrics for the marathon were better than the same period last year. It produced 2,195 bitcoins during the quarter, as the average BTC produced per day was 24.4. Its installed hash rate increased to 15.4.

As a result, Marathon Digital’s revenue increased to $51.1 million as profit on the sale of bitcoins increased to $17.6 million. It increased its cash balance by $12 million and reduced its total debt by $50 million. It now has $124 million in cash and 11,466 bitcoins. In a statement, the company’s CEO Said,

“With more hashrate coming online in the coming months, Marathon is on track to reach our 23 exahash target by the middle of this year. We remain optimistic that we can achieve our primary growth goals.”

mara stock price forecast

So, is Marathon stock a good buy? The future of the stock will depend on the price of bitcoin over the next few months. If bitcoin continues to perform, I suspect the share price will remain under pressure in the coming months.

It is difficult to predict whether the price of bitcoin will rise or retreat. However, with the Nasdaq 100 index in a bull market, it is likely that bitcoin will soon bounce back as well.

The case for a higher bitcoin price is also made by the fact that US inflation is coming down, which means the Fed will likely embrace a strategic pause. Moreover, bitcoin is performing well ahead of the halving event. Halving will happen in April. As a result, analysts who spoke to Bloomberg say that BTC could soar to $100,000 in the coming years.

The technicals are also supporting the MARA stock price. The stock is trading slightly above the ascending trend line and 50-day exponential moving average shown in red. Hence, there is a possibility that the shares will bounce to the next resistance point at $12.77, representing an upside of about 28% from the current levels.

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