Marathon Digital Shows Its Strength Against Bitcoin As Traders Secretly Monitor The Stock – Marathon Digital Holdings (NASDAQ:MARA)

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Marathon Digital Holdings MARA opened Monday at Friday’s low, in tandem with Bitcoin, which was down almost 3%.

Marathon Digital was mentioned on the Benzingas Stock Whisper Index on Friday as a company below the surface that deserves attention as traders covertly monitor the stock.

Marathon Digital jumped 54% between April 10 and Friday, breaking through the 200-day simple moving average (SMA) on the daily chart after consolidating below that level since March 17.

The 200 day SMA is an important indicator. Technical traders and investors consider a stock trading above the daily chart level to be in a bullish cycle, while a stock trading below the 200-day SMA is considered to be in a bearish cycle.

The 50-day SMA also plays an important role in technical analysis, especially when paired with the 200-day. When the 50-day SMA crosses below the 200-day SMA, a death cross occurs, while when the 50-day SMA crosses above the 200-day, a bullish golden cross occurs.

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The Marathon Digital Chart: Despite Bitcoin trading near its low for the day, traders entered Marathon Digital and bought the dip. The bearish buyers bounced Marathon Digital from its daily low to print a bullish Marubozu candlestick, which could signal higher prices coming in on Tuesday.

Marathon Digital has been trading in an uptrend since March 10, making a consistent series of higher highs and lower lows. The shares’ most recent high was formed on Friday at $12.27 and the most recent low was printed at $7.65 on April 6. If Marathon Digital rebounds on Tuesday, Monday’s daily low will serve as the next low in the pattern, indicating that the uptrend is likely to continue. If Marathon Digital loses support at the eight-day exponential moving average, the stock could retest support at the 200-day SMA. Bullish traders want to see Marathon Digital continue to hold above the 200-day SMA, which will eventually push the 50-day SMA above the 200-day. Bearish traders want to see big bearish volume coming in and knocking the stock below the 200-day SMA. Marathon Digital has resistance above $14.66 and $19.51 and support below at $9.93 and $7.79. Read next: These 2 Ethereum rivals soar today, surpassing Bitcoin Photo via Shutterstock.

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