Cryptocurrency prices have been in a tight range in the past few weeks as investors wait for the next important news. Bitcoin has gone nowhere while the total market cap of all digital currencies has slumped from almost $3 trillion to about $2.3 trillion. This article looks at some of the top crypto stocks now that most of them have published their first-quarter results.
Marathon Digital stock price analysis
Marathon Digital (MARA) stock price has stabilised recently as investors assess the impact of the recent Bitcoin halving event. After bottoming at $14.26 in April, the stock has moved to almost $20.
The company published encouraging results this week. It produced 2,811 coins in Q1, leading to a 2235 revenue increase to $165 million. This revenue growth happened as the company sold Bitcoins at a significantly higher price.
Marathon also turned a big profit as its net income surged to $337 million. It also ended the quarter with a strong balance sheet with over $1.6 billion in cash and equivalents, which is a good thing for a company valued at over $5 billion.
Marathon has prepared for the post-halving period by increasing the number of hash rate. It expects to end the year with a hash rate of 50 EH/s, higher than the current 27 EH/s. It also launched Slipstream and MARAFW that will help to support the Bitcoin ecosystem. In a statement, the CEO said:
“With the expansion capacity we have gained from our recent acquisitions, with 45 additional exahash of capacity available to us between current orders and options, and with $1.6 billion of liquidity, we are now targeting 50 exahash of energized hash rate by the end of 2024 and additional growth in 2025."
The daily chart shows that the MARA stock price bottomed at $14.26 in April and has now rebounded to $19.94, its highest swing in July 23rd. The stock is consolidating at the 50-day Exponential Moving Average (EMA) and is slightly below the 23.6% retracement.
This is notable since the stock formed a double-top pattern around $31. Therefore, my view is that the Marathon Digital share price will remain in this range for a while and then have a bearish breakout if the crypto winter continues. In the long term, MARA will likely emerge as the biggest winner in the mining industry.
Coinbase stock price forecast
Coinbase, one of the biggest crypto exchanges, has also pulled back as investors focused on the performance of the crypto industry. It retreated to a low of $210, down from the year-to-date high of $283 even after it published strong financial results.
Coinbase benefited from increased assets in its custody because of the spot Bitcoin ETFs and the soaring crypto prices in Q1. Total revenue soared to $1.58 billion in Q1 from $736 million in Q1’23. Its adjusted EBITDA also soared from $287 million to over $1.01 billion.
The company’s results beat its estimates and those of analysts. For example, its subscription and service revenue rose to $511 million, higher than its estimated range of $410 million and $480 million. Custodial fees jumped to over $32 million. Talking of the Base Blockchain, Brian Armstrong, the CEO said:
“In the last 30 days, Base has processed over 2x as many transactions as the entire Ethereum network on layer 1. Base is now the #1 Layer 2 solution by number of transactions processed, a huge accomplishment. We've made Base faster and cheaper to use with fee reduction by about 80%”
Turning to the daily chart, we see that the COIN stock has retreated from $283 to $210. It has moved below the 50% Fibonacci Retracement level. It has also retested the crucial support level at $206, its highest swing in May 2022.
The COIN share price has remained above the 100-day moving average. My view is that the stock will have some more turbulence in the near term as the crypto sell-off goes on. It will then bounce back later this year because of its important role in the industry.
PayPal stock price prediction
PayPal share price has been a big disappointment as it plunged from over $300 in 2021 to $65. It has erased billions of dollars in value as its growth has significantly stalled. The company is also facing substantial competition from the likes of Stripe, Google Pay, and Apple Pay.
In its most recent financial results, PayPal said that its revenue rose by just 9% in Q1 to $7.7 billion. PayPal was having strong double-digit growth rates just a few years ago. Active users in its platform dropped by 1% to 427 million.
PayPal has a small role in the crypto industry since its apps allow users to buy and sell a limited number of digital coins. The company also launched PYUSD, a stablecoin that has struggled to gain market share. It has a market cap of over $377 million.
Turning to the daily chart, we see that the PYPL stock price has found strong support at the 200-day moving average. Recent moves above the average have failed to lead to material gains as one would expect.
A closer look shows that the PYPL stock price has formed a rising wedge pattern, which is a popular bearish sign. The Bull Bear Power indicator has dropped below the neutral point. Therefore, the outlook for the stock is bearish, with the next point to watch being at $60.
Contributors
