Riot Stock Price: RIOT Gave Breakout What Next?
- Riot Platforms stock price is trading above 20,50 and 100-day EMA level.
- Riot Platforms’ stock price is currently trading at $13.35
- Riot Platforms’ (RIOT)’s live market cap is $2.38 billion.
Riot Blockchain, situated in the United States, is a prominent cryptocurrency mining firm. The company’s primary emphasis is the development, operation, and support of blockchain technology. Riot Blockchain primarily focuses on Bitcoin (BTC) mining, which involves the use of powerful processing resources to solve complicated mathematical algorithms and validate transactions on the Bitcoin network.
Riot Blockchain aspires to contribute to the security and decentralization of blockchain networks with a strong infrastructure and a devoted staff. The mining activities of the firm entail the deployment of high-performance mining rigs in strategically selected areas that make use of cost-effective electrical sources and favorable climatic conditions.
Trend Analysis
When looking at the daily period chart of Riot , it is clear that the stock is now in an uptrend. In February 2021, the stock reached a high of $79.50 before plunging to $4.03 shortly thereafter. This sharp drop resulted to a shocking 95% decrease in one and a half years, with the stock still fighting to recover from its earlier levels.
Nonetheless, there have been some positive signals recently. The price has lately broken out of a descending triangle pattern, indicating that the stock’s direction may be changing. The price is currently reaching a critical resistance level at $14.45. If the stock succeeds to overcome this barrier, it is quite possible that it will gain significant momentum, driving it much higher.
It’s worth mentioning that the stock is now trading at a high volume, indicating increasing market activity and interest. The strong price action structure lends credence to the idea of more possible price movement in the stock.
Riot Platforms (RIOT) Stock Price
EMA
Riot Blockchain (RIOT) is now trading above the 20-day, 50-day, and 100-day Exponential Moving Average (EMA) levels on a daily basis, indicating persistent rising momentum.
MACD
In addition, the Moving Average Convergence Divergence (MACD) indicator for Riot Blockchain (RIOT) is flashing a favourable signal. The MACD line is above the signal line, and the green histogram developing above the zero line suggests that the stock price is rising. These MACD indications point to a positive market forecast for RIOT, which is consistent with the RSI and EMA analysis.
RSI
The Relative Strength Index (RSI) for Riot Blockchain (RIOT) is indicating a positive sentiment as it has not yet reached the overbought region. Additionally, the RSI is positioned above the Simple Moving Average (SMA) line, further supporting the bullish outlook for the stock.
Conclusion
In conclusion, as per the analysis RIOT price is in uptrend direction and all the indicators are in favour of uptrend momentum.
Technical Levels:
- Support – is $14.9010.
- Resistance – is $19.0789.
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss
