• Marathon Digital (NASDAQ: MARA) published strong results and saw its stock price move sideways after the announcement.
• The company’s technicals on the daily chart are bullish, with revenue jumping to $51.1 million and cash reserves climbing to $124 million.
• In order for Marathon’s stock to continue appreciating, Bitcoin prices must remain stable or rise in the coming months.
Marathon Digital Posts Strong Results
Marathon Digital (NASDAQ: MARA) recently posted strong financial results, with revenue increasing to $51.1 million and cash reserves rising to $124 million. This was largely due to higher bitcoin prices during the first quarter of this year as well as increased mining activities by the company, which produced 2,195 bitcoins in Q1. As a result, Marathon Digital’s stock price has risen more than 277% since December 2020 and is currently trading at around $10.22 per share.
The Technical Outlook
Looking at the daily chart of MARA shares, it appears that they are in a bullish trend as indicated by technical indicators such as moving averages and momentum oscillators. This suggests that if Bitcoin prices can remain stable or rise in the coming months, then Marathon’s stock could continue its upward movement.
Halving Event Could Boost Prices
The upcoming halving event in April may also provide a boost for Bitcoin prices, which could be beneficial for Marathon’s stock performance over the short-term. Halving events have historically led to an increase in Bitcoin’s value due to decreased supply following these events. Additionally, America’s easing inflation could lead to a strategic pause from the Fed – another factor that could potentially spur an increase in Bitcoin prices over time.
CEO Remains Optimistic About Growth Targets
In response to these encouraging results, Marthon’s CEO expressed optimism about achieving their 23 exahash goal sometime mid-year despite having more hash rate coming online soon. This sentiment further reinforces expectations about potential future growth for both Marriott’s business metrics and its stock price performance over time – provided that Bitcoin continues performing well overall in 2021/2022 .
Conclusion
Overall, Marathon Digital has posted some good numbers for Q1 2021 and its technical outlook is very bullish right now; however investors should still pay close attention to how Bitcoin performs over time because it will ultimately be what drives Marathon’s future success or failure from here on out.