Riot Blockchain Inc Riot Showed continuous strength compared to Marathon Digital Holdings Co., Ltd. MaraThe former increased by about 5% and the latter increased by more than 1%.
Both cryptocurrency mining stocks have recently behaved bullish, Bitcoin BTC / USD When Ethereum ETH / USD, Reversed the course to the uptrend. Bitcoin has soared about 27% since July 13, while Ethereum has soared about 57% over the same period. It’s not surprising that a large number of stocks related to the crypto sector follow.
In retrospect, the reversal of Bitcoin, Ethereum, and two crypto-related stocks to rise began on July 1, with momentum last week, but at least another pullback to print higher lows. The next few days that may come.
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Riot Chart: Wednesday’s Relative Strength Index (RSI) soared to about 68%. This indicates that the pullback is imminent. When the RSI of a stock reaches or exceeds the 70% mark, it is overbought. This can be a sell signal for technical traders.
The uptrend Riot’s latest high was printed at $ 4.52 on July 13, and the latest confirmed high was created at the mark of $ 5.81 on July 8. This may indicate that the next highest high will be formed and the stock price will fall in future sessions.
Marathon chart: Like riots, marathons have an RSI measured at about 74% and need to be pulled back. The rise in the RSI of the marathon may be the reason why stocks were bearish on Wednesday.
The latest highs for the marathon uptrend were printed at $ 7.05 on July 13, and the latest confirmed highs were formed at the level of $ 8.90 on July 8.
On Wednesday, the marathon may have printed the next high at the highest of the day. This suggests that traders can be monitored to print another high in the next few days. position.
Marathon resistance is $ 14.66 and $ 19.51, and support is $ 9.93 and $ 7.79.
See also: Bitcoin-linked stock marathon digital is skyrocketing: what’s happening?