Home Business News This crypto stock is poised to increase by 36%

This crypto stock is poised to increase by 36%

by Thea Coates Finance Reporter
22nd Mar 24 10:38 am

Crypto bulls are running wild in 2024, with Bitcoin increasing by more than 44% against the USD since the start of the year. One way to gain exposure to the market is through crypto stocks.

  • Bitcoin’s surge this year prompts interest in crypto stocks.
  • MARA to increase by 36% as Bitcoin enters the halving phase.
  • The company boasts strong fundamentals, with a 229% increase in income in 2023.

Saqib Iqbal, a financial analyst at Trading.Biz, thinks as we move into the Bitcoin halving phase, crypto stocks are bound to do well, and Marathon Digital (NASDAQ: MARA) is one particular stock that is poised to increase by 36%.

He said, “When you consider that Bitcoin is expected to reach $100,000 this year, I am positive about some of the greatest Bitcoin miners.

If the Bitcoin boom continues, mining companies are primed for significant gains from their present levels. Marathon Digital is one of the major Bitcoin miners in North America, and with the firm purchasing more BTC mining sites, MARA will only grow further.”

BTC halving is one factor to consider for Marathon Digital. Another factor is its strong fundamentals. In 2023, the firm’s income increased 229%, earning $388 million.

The company’s net income of $261.2 million was particularly strong, reflecting profits on its digital assets. In addition, Marathon produced 12,852 Bitcoins this year, up from 4,144 the previous year.

Marathon’s stock has decreased by nearly 12% since January. However, Saqib believes that part of the decline this year may be due to shareholders selling out since the price rose by 150% in the previous year.

MARA technical analysis: Potential for an upside

MARA stock has made peaks and valleys since the start of the year. On the daily chart, the stock is above its 200-day SMA and looking to regain an immediate support level at 25.28, the level it reached on March 8. If the stock breaks this level, it can go towards 31.30, an increase of 36%.

On the downside, the next support level lies at 16.14. Breaking this level can take the price towards 14.62. Any dip below can be a good opportunity when you combine the technical and fundamental analysis of the stock.

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