We Have Not Reached the Bottom Yet
Though cryptocurrency as a whole and its related stocks like MARA and RIOT have been declining by almost 11-15% a day recently, the bottom has not yet been found. Farther we dive, searching towards the end of May for low levels with more support.
As you can see, there is strong resistance ahead with the red line marking each one in time.
When a stock is this bearish, it is necessary to find a real bottom, the lowest absolute price and consolidation before an uptrend, before ever investing in it again. If I was holding, I'd keep holding.
As it is, I'm not yet ready to buy this stock. I'd like to see it fall further, to pre-hype and inflated levels.
The new price target has fallen from $95 to $55. That's like a 50% cut! This could go down to $15...
Good to take into consideration for the time being.
Best of luck and loving peace to all.
As you can see, there is strong resistance ahead with the red line marking each one in time.
When a stock is this bearish, it is necessary to find a real bottom, the lowest absolute price and consolidation before an uptrend, before ever investing in it again. If I was holding, I'd keep holding.
As it is, I'm not yet ready to buy this stock. I'd like to see it fall further, to pre-hype and inflated levels.
The new price target has fallen from $95 to $55. That's like a 50% cut! This could go down to $15...
Good to take into consideration for the time being.
Best of luck and loving peace to all.
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