This Bitcoin And Ethereum Miner Is Seeing A Strong Green Day: Here's Why

Marathon Digital Holdings Inc (NASDAQ: MARA) shares are trading higher Friday as the Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) mining stock is trading in sympathy with those cryptocurrencies.

The cryptocurrency market is seeing a green day as many cryptos are starting to bounce back after a strong bearish market.

Marathon Digital was up 10.84% at $23.51 at publication Friday afternoon.

See Also: Why Bitcoin- And Ethereum-Related Stocks Are Trading Higher Today

Marathon Digital Daily Chart Analysis

• The stock is seeing a bullish day as it follows the trends of the cryptocurrency market. In the past couple of months, the stock fell below the higher low trendline and saw a period of bearish movement. If higher lows can start to form, the stock may start uptrending toward the trendline and the $55 resistance level once again.
• The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue), indicating the stock’s sentiment has been bearish. Each of these moving averages may hold as an area of resistance in the future.
• The Relative Strength Index (RSI) has been pushing higher the past couple of weeks and now sits at 40. This shows more buyers have moved into the market although there are still more sellers overall.

What’s Next For Marathon Digital?

The stock is seeing a possible reversal as the crypto market also seems to be reversing. This could be a good thing for the crypto miner. Bullish traders want higher lows to start forming and then for the stock to see a cross above the moving averages. Bulls are also looking for the RSI to cross back above the middle line to see more buying pressure than selling pressure. Bearish traders want the stock to turn back around and continue to form lower highs. Bears also want to see the RSI fall back toward the oversold region for strong selling to continue.

Photo: Mediamodifier from Pixabay