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- RIOT blockchain is currently seeing a strong downtrend and has shed over 80% from its all time high
- Technical indicators of RIOT stock suggests a downside move. It is currently trading near $3.83
RIOT Blockchain focuses on the development and implementation of blockchain technology in various industries.They particularly focus on the cryptocurrency market, and bitcoin mining. It was founded in 2000 as a biotech firm, but rebranded and pivoted to blockchain in 2017. In 2017, the stock saw a significant increase in value as the cryptocurrency market boomed. However, the market eventually cooled off, leading to a decline in the value of RIOT’s stock. Despite this, the company has continued to perform well and has made several strategic acquisitions in the blockchain space.They have also announced partnerships with major companies in various industries, such as biotech and gaming.
RIOT’s future looks bright, as the adoption of blockchain technology continues to grow and the company expands its operations. It is well-positioned to take advantage of the increasing demand for blockchain solutions in various industries. RIOT has a market cap of 640 Million with an EPS of 0.11 as per the data. The company has fallen more than 80% from its 52 week high and is far away to attain those levels.
The Downtrend Of RIOT Price Continues
RIOT stock price is currently observing a strong downside trend. It has shed more than 80% of its value from 52 week high. The weekly technical chart of RIOT suggests a consolidated downtrend in price. On coming to the daily chart it is trading near $3.83 with a downside trend. The upside momentum of RIOT can see a halt near $5. Meanwhile the downside momentum can see a bounceback from $2. The asset price is trading below the 50 and 100 Daily Moving Average. There can be a negative crossover in price which can push the price the asset price down.
Conclusion
RIOT has been in a downfall from quite some times. RIOT stock price is currently seeing a downside trend and can see a new high in the future.
Technical Levels
Major Support:$2
Major Resistance: $5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
