MARA Holdings, Inc. is consolidating after a recent upward trend, with its price currently trading at $17.86, down 1.16% for the day. Mild volatility was reflected in the stock’s daily range from $18.99 up to $17.73.
Analysts are monitoring the stock closely, as it faces resistance around $19.00 and potential support at $17.73.
MARA Holdings Price Action Signals Consolidation and Possible Breakout
After a recent rally, MARA is consolidating and the current trading range suggests indecision. The RSI, 56.12 is showing mild bullish momentum, above the neutral 50 level but not quite overbought.
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The MACD indicator supports this sentiment as it means bullish momentum, while the MACD line is closing in on the signal line and suggests consolidation may be ahead.
According to TradingView, MARA is down by 23.39% this year but faces key resistance at $19.00. A break above this level may indicate the continuation of the uptrend. If the price fails to hold support at $17.13, a pullback is possible.
Analysts See Bullish Patterns with Potential for Upside
Analyst by the name volatility identified a falling wedge and inverse head and shoulders on the daily MARA chart, two traditionally bullish reversal patterns. The falling wedge implies that the price is heading to a breakout, with $23 as the target after breaking through the wedge’s upper boundary.
Furthermore, inverse head and shoulders formation of the neckline at around $17.10 suggests the possibility of an upward move if it breaks the neckline.
Volatility also highlighted a double top at $19.19, which caused the recent pullback. Strong buying interest emerged at $17.50, preventing a drop to $16.50. Breaking $19.19 could push MARA to $23.
Potential Breakout on the Horizon as Momentum Builds
If MARA manages to hold above its support levels, analysts are optimistic that a breakout may begin soon. A major resistance zone lies between $19.00 and $19.19, where an upward movement is not likely to continue.
A break above this range could complete the bullish trend, with $23 as the next major upside target.
Another analyst, Danz, pointed out that MARA was ‘flagging intraday’ and is on the verge of breaking out. Danz placed a price target of $19.40, slightly above the current resistance level.
Further Developments and Market Outlook
In the broader market, however, MARA’s performance will also continue to be affected by its involvement in the Bitcoin mining space.
However, the price of Bitcoin and its mining activities may have a strong effect on MARA’s stock price. As MARA approaches key resistance and support levels, traders should keep an eye on technical indicators and patterns for signs of a breakout or continued consolidation.
A potential price surge is increasingly likely as chart patterns suggest bullish momentum if key resistance levels are surpassed.
