Image Source: PixabayMarathon Digital Holdings Inc. (formerly known as Marathon Patent Group) is a digital asset technology company. It engages in the mining of cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets. Founded in 2010 and headquartered in Las Vegas, Nevada, one can trade it under the ticker ‘MARA.’Currently, we see cryptocurrencies building up for another bullish cycle higher. The rally in the prices of cryptocurrencies should continue to push higher, and it may even provide a magnifying effect on the share prices of cryptocurrency mining/producing companies.Therefore, Marathon Digital Holdings, being one such digital assets producer, could become a profitable investment target, as it should ramp up along with the acceleration in cryptocurrency prices.In the initial article from last year, we were calling for a new bullish cycle. We were correct, as we have seen the stock break through the weekly descending channel. Now, we can see the formation of 5 waves up from the December 2022 lows.Clearly, this supports our bullish case. Now, a short-term correction should find support in 7 swings. Investors and traders may want to use any potential pullback as a buying opportunity. Here, we will explain the wave structure, sequences, and short- to long-term targets for the stock.

Marathon Digital: Monthly Analysis for Sunday, March 17, 2024
First, from the all-time lows, the stock price has developed a cycle higher, as shown by black wave ((I)). The stock had printed its all-time highs in March 2012 at the 234 mark. From those highs, a correction lower in wave ((II)) has unfolded as a zig-zag pattern, displaying a 5-3-5 structure. It then found an important bottom in March 2020 at the 0.35 mark. In eight years, the stock has declined more than 99% off its peak value.From the March 2020 lows, another cycle, as shown by black wave ((III)), started and is currently in the initial stages. We can already see the first nesting of waves, shown by red waves I-II, taking place.Now, an acceleration higher in red wave III of blue wave (I) should follow. Once all 5 waves of the blue wave (I) formation are completed, then a pullback in blue wave (II) should provide another opportunity to join the rally. Then, an acceleration higher in blue wave (III) of black wave ((III)) should bring prices considerably higher. Long-term, the black wave ((III)) formation should extend towards the highs of 234 and even beyond.

Marathon Digital: Weekly Analysis for Sunday, March 17, 2024
The weekly chart below details the initial stages of the black wave ((III)) structure. From the March 2020 lows, a bullish cycle in red wave I unfolded as an impulse. The black wave ((3)) formation shows an extension. The red wave I pattern ended in April 2021 at the 57.75 mark. From the highs, the consolidation pattern in red wave II unfolded as an expanded flat pattern, presenting the 3-3-5 structure.First, the 3 swings within the black ((A)) formation found a bottom in May 2021 at the 18.32 level. Then, the 7 swings bounce in the black wave ((B)) structure set a higher high in November 2021 at the 83.45 level.From there, the black wave ((C)) pattern confirmed the stock’s expanded flat structure by breaking through the 18.32 lows. It shows a fully developed pattern of 5 waves off the highs. Overall, the recent sideways-to-higher price action, along with the breaking of the RSI channel, seem to suggest that the new bullish cycle might have started.It is our preferred view that the red wave II pattern set an important low in December 2022 at the 3.11 mark. While above that point, a new cycle, as shown by red wave III, appears to be in progress.The target for this red wave III cycle will likely be towards the 60.45-95.94 area, or perhaps even higher. Recent prices below the $20 threshold may still offer a great investment opportunity. While medium-term investors may likely expect to see 3x reward on their risk, long-term investors may see a reward of 11x or more.

Marathon Digital: Daily Analysis for Sunday, March 17, 2024
The daily chart below illustrates the initial nest consisting of black waves ((1))-((2)) in progress. From the December 2022 lows, black wave ((1)) of the red wave I formation ended in February 2024. It has the pattern of a leading diagonal, presenting a 5-3-5-3-5 structure. From the 34.09 highs, the correction in wave ((2)) should provide an opportunity for an acceleration higher in the black wave ((3)) formation.It has seemingly unfolded as a double-three pattern, displaying a 7-swing structure. Firstly, from February 2024, 3 swings of the blue wave (W) formation have set a low at $21.45 in March 2024. Secondly, a bounce in the blue wave (X) formation has printed a connecting high at $25.28. Thirdly, the stock has broken through the $21.45 lows, opening up a bearish sequence. It should move in another 3 swings towards the 12.62-4.80 area. From there, an acceleration higher in black wave ((3)) of the red wave III structure should take place.Investors and traders may want to use the 12.62-4.80 blue box area as a buying opportunity in the stock while targeting the 35.82-54.98 area and higher in short-term, and perhaps the 129.80 level and beyond in the long run.  More By This Author:DAX Short Term Should Stay SupportedOil Elliott Wave: Buying The Dips At The Blue Box Boeing Elliott Wave View: Impulse Lower Suggest More Downside