Coinbase and Marathon. Instruments of the Week (18-22 March)

Coinbase and Marathon. Instruments of the Week (18-22 March)

Diperbarui • 2024-03-22

Coinbase Global Inc.

Coinbase (#COIN) saw its revenue rise to $773 million in Q1 2024, marking a 23% increase from the previous quarter and surpassing analyst expectations. This uptick is attributed to the growing interest in cryptocurrencies, further boosted by the US SEC's approval of bitcoin ETFs, which played a significant role in Coinbase's first quarterly profit since 2021. Anticipating the future, Coinbase projects strong performance in its subscription and services sector, with expected revenue significantly above previous estimates.

On the Daily Timeframe, COIN is in an uptrend, but the price has bounced off resistance and is now moving toward the 61.8 Fibonacci level. Indicators give opposite signals: RSI is almost 75.0 and is signaling overbought, while moving averages only give bullish signals.

  • If the price bounces from the support at 240.00, the growth is possible up to 270.00, and with further growth, it will rush to the resistance at 300.00.
  • If the price breaks through 61.8 Fibonacci, it will fall to 190.00.

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Marathon Digital Holdings

Marathon Digital Holdings showcased significant growth with a 121.1% increase in Q4 EPS and a 452% rise in revenue. The company aims to expand its hash rate significantly by the end of 2025. Despite challenges like high production costs and the impact of Bitcoin halving in 2024, Marathon's strategic acquisitions and expansions underpin a bullish sentiment among investors. However, bearish perspectives caution about potential earnings shifts due to these challenges.

MARA is moving in an ascending channel, and having bounced from 38.2 Fibonacci, the price rushed downwards, having also recently broken through the 23.6 Fibonacci level. The price has almost reached the lower trend line, creating two possible scenarios.

  • If MARA bounces off the lower trend line, it will rally to the resistance at 22.00 and recover to 26.00 on further upside.
  • A fall below the 19.00 support and a trendline breakdown would open the way for a fall to 15.00.

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