3 Crypto Stocks Riding the Bitcoin Wave

RIOT, COIN, and MARA all have short squeeze potential

Managing Editor
Oct 23, 2023 at 10:43 AM
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While most stocks are in the red today, the embattled cryptocurrency is bucking the broad-market trend. Bitcoin (BTC) reclaimed the $30,000 level, last seen 8.1% higher to trade at $30,627.20, and is cruising toward a fifth-straight win. In response, crypto-adjacent stocks Riot Platforms Inc (NASDAQ:RIOT)Coinbase Global Inc (NASDAQ:COIN), and Marathon Digital Holdings (NASDAQ:MARA) are all higher today. 

RIOT was last seen up 4.6% higher to trade at $9.27. Despite a 173% year-to-date lead, the shares have consolidated around $9.50 for the last month and are a ways off their July 14 annual peak of $20.75. The stock's 30-day moving average was stiff resistance during that time. 

A short squeeze could keep the wind at the equity's back. Short interest is up 7.5% in the most recent reporting period, and a healthy 18.5% of RIOT's total available float is sold short. 

Coinbase stock is 1% higher at last check, trading at $74.62. Similar to RIOT, the stock has traded in a tight range for the last month, but is up 110% in 2023. The shares do have support in place at their slowly-ascending 160-day moving average. 

Coinbase bears have already started to find the exits, with short interest off by 2% in the two most recent reporting periods. Yet considering 12.3% of the stock's total available float is sold short, there's still ample room for short covering activity.

Lastly there's MARA, up 5.3% to trade at $7.99, but like its peers, stuck in a range-bound trading pattern since mid September. Despite a 134% lead year-to-date, the July 14 annual high of $19.87 seems far off, with the shares' descending 30-day moving average complicating matters. The stock is the most shorted of the crypto bunch though, with a whopping 29.8% of MARA's total available float sold short. 

 

 
 

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