MARA and RIOT were famous earlier last year for taking a few major price jumps within minutes and hours to compensate for the influx of volume coming into the stocks. MARA has sustained the volume and even made some major progress during their earnings situation when they announced that they were on schedule for their BitMain mining installations, added additional Bitcoins into their stockpile from mining, and even beat earnings expectations.
All a plus for me when we needed confirmation the most. Profitability is the next position that needs to be overcome for another major hurdle in price point, however, the current status of this stock is not affected by profitability for me. This stock is solely valued to me by future gains and profitability, which has been increasing since last year as BTC entered its current Bull run to 60k.
Everyone pretends to know the future of Bitcoin, but we all know how fragile this commodity can be when tested. It's one huge pullback away from being in a bear case with average investors usually setting sell limits that if obliterated could cause a major price meltdown.
That being said we are still in the Bull run with almost no end in sight from today's price standings. I am optimistic for MARA to reach over $60 with the current momentum with not much resistance. I will continue to follow up on trades. I have been holding a good amount of MARA, but this is a great point to add some more to your portfolio as it will see some good days ahead from this price point. I am not currently holding RIOT, but they are always a good alternative too.
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doing well this week is opening up for a stairway to heaven here
Do you still forsee this going back up after hitting this support line?
Undees
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@kylevd23, farthest drop is high 30s for me (36-39). I am foreseeing my error was in that almost all investors tuned mostly into Coinbase today and the market around it actually lost tons of volume in buys and brought some large sell-offs most likely to accommodate for the huge volume Coinbase grabbed throughout the day.
Another bad piece of news being RIOT handed a downgrade all the way to $2, which brought some large selloffs in RIOT and MARA, which is to come with downgrades from hedge funds. You would almost have to be an insider to know that they would downgrade RIOT and such a low number at that. MARA has been my breadwinner this and last year, so I really don't want to downgrade this stock, but without my bias, this drop today is a bit out of my comfort zone for this stock. It puts me into high alert to keep a close eye on the price for the next couple of days.
kylevd23
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@Undees, Yea I feel the same way with possibly high 30's as furthest drop, and I definitely agree, I thought coinbase would've boosted both BTC which in turn would have boosted MARA, but like you said, investors turned to that, and MARA just plummeted. MARA definitely was my breadwinner, but just took some losses to preserve capital, will see how it goes as well.
Nickel23
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Riot had bullish news fundamentally but huge pullback, i would love to see over $80 next week but let's see if that happens