$MARA - Close to support area
MARA I took a small initial position in Marathon Digital today. It is close to my price target of $10. Am I early? Most likely. I can see it go to $8 to $9 area.Here's why I started an initial small position:
1. Marathon Digital (MARA) has a strong balance sheet and is one of the largest Bitcoin mining companies in the world. This means that it is well-positioned to benefit from a rebound in the price of Bitcoin.
2. Bitcoin is close to or at a support level. Of all Bitcoin miners, MARA has the best hash rate with 23 exahash and the largest holding of 12,538 coins.
3. In Q2, MARA mined 2,926 coins, which is a 33% increase from Q1.
4. Bitcoin is currently trading below its 200-day moving average and oversold on the relative strength index (RSI) and William R%, which are technical indicators that often signal a bottom.
Not an investment advice. As always, do your own analysis.
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I am not a licensed professional. None of the posts that I published are investment advice. Do your own research.
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