Crypto Stocks MSTR, MARA, RIOT Experience Slight Pullback on Thursday

Crypto stocks MicroStrategy, Marathon Digital, and Riot Blockchain showed slight declines on Thursday. Key levels to watch include the $300 mark for MicroStrategy and potential breaks above recent highs for Marathon. Riot remains in a downtrend but might be finding support between $6 and $7. Investor sentiment may shift depending on Bitcoin’s strength.

In a somewhat lacklustre start to Thursday’s trading, three key crypto stocks, namely MicroStrategy, Marathon Digital, and Riot Blockchain, are reportedly seeing slight declines. Market watchers are keenly observing how Bitcoin’s potential strength may or may not translate into these stocks’ performance.

MicroStrategy seems set to open lower compared to Wednesday’s close although a notable W pattern has formed recently. If the stock manages to break above Wednesday’s candlestick formation, it could indicate a positive trajectory ahead. However, a decline back to the $300 mark, where the 50-day EMA lies, is also a strong possibility. The market remains fragmented, and its trajectory appears closely tied to Bitcoin’s ongoing fluctuations.

Marathon Digital is similarly poised for a slight pullback, likely opening near the 50-day EMA. Currently, it is working on a basing pattern that’s caught the attention of many investors. Should the price break above Wednesday’s highs, a move towards the 200-day EMA, near $17, could be on the cards. I’m not interested in shorting Marathon any longer as it’s beginning to show signs of resilience amid Bitcoin’s rally, which can certainly help boost its upside potential.

Meanwhile, Riot Blockchain is also expected to see some downward movement at Thursday’s open. This particular stock has been on a significant downtrend for an extended period, but recently it has shown signs of possible consolidation between the $6 and $7 levels. Though this market will continue to demonstrate volatility, it may be worth examining for long-term traders. However, given the recent price movements, aggressive bullish stances on Riot would be premature as it currently resembles a stagnant asset.

For those interested in today’s broader economic developments, the economic calendar may be of interest.

Chris, a seasoned trader with over two decades of experience, offers insights on navigating the complexities of today’s financial markets. As a senior analyst at FXEmpire, he has been instrumental in guiding readers through their investment journeys since the site’s inception.