To The Moon

Cryptocurrency miners have, for the most part, languished in 2024, in contrast to the underlying. As several miners hit crucial support levels, are we nearing an inflection point?

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Without further ado, here’s today’s newsletter:

MARA Holdings, Inc. (NASDAQ: MARA)

MARA has been in an uptrend since Mar’20, forming higher lows. It has not formed a higher high since Nov’21. The Stochastic is working towards a bullish crossover, which is key for any upside on MARA, as seen from the historical price movement following a bullish crossover. For the first time since Jan’23, it has retested its long-term trendline (in dark green).

On the daily chart, we can see a potential ascending triangle compression setup forming on MARA. There is strong resistance between 27-28, while it has continued to make higher lows and hold a shorter-term support trendline (in blue) while retesting the 2020 trendline (in dark green). As of today’s trading session, it almost filled the 16.36 event (6th Nov Presidential Election) gap, but sellers failed to fill the gap entirely.

Should the confluence of trendlines hold, MARA could potentially retrace back towards the 0.236 Fib at 19.96 and subsequently to the 27-28 gap. However, should MARA lose its confluence of trendlines and close below the event gap at 16.36, then it could retrace towards the next major support level in the 14s.

With cryptocurrency miners underperforming Bitcoin in 2024, could 2025 represent a change in fortunes? Or will they continue to languish for the years to come? Let’s find out together!

$MARA Holdings(MARA)$ $Riot Platforms(RIOT)$ $MicroStrategy(MSTR)$ $TeraWulf Inc.(WULF)$ $iShares Bitcoin Trust(IBIT)$

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