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- RIOT has produced more than 700 Bitcoin in the previous month and is one of the record breaking produce
- RIOT stock price was not able to see a breakout recently.It is currently trading near $6.68 with a drop of 2.3%
Riot Blockchain is a company which focuses on blockchain and digital assets. It was originally formed as a biotech company in 2000, but rebranded in 2017 to focus on the blockchain industry. Since then, Riot has been involved in several blockchain-related activities such as mining operations and investing in cryptocurrency. RIOT has seen significant growth in recent years, especially in the latter half of 2021. After that it is currently in a consolidated range for a few weeks.After the collapse of FTX and cryptowinter RIOT faced a lot of setback.With the current relapse in the crypto economy and positive macro trend which may push the RIOT price. RIOT has produced over 700 Bitcoins in the previous month. This may be attributed as the BTC price in the recent months. As per the RIOT report the company currently holds 6978 BTC as of January 31.
RIOT has a total market cap of $1.11 Billion with a negative EPS. Various analysts are expecting a strong growth in the RIOT in the future.
Is RIOT Price Consolidation Over?
The weekly technical chart of the RIOT suggests a consolidation in price.On the daily chart it is trading near the value of $6.6 with a drop of over 2%.It is currently in a strong consolidation trend but may see a strong rise in the future, Resistance of the RIOT can be seen near $10.Meanwhile the support of the asset price can be seen near $3. It is currently trading above the 50 and 100 Daily Moving Average.There can be a positive crossover which can push the asset price to a new high.
RSI of the RIOT price is currently near 59 suggesting its presence in oversold zone.The overall sentiment of the RSI is bearish.
Conclusion
RIOT has produced over 700 Bitcoin in the January which is one of the highest produced. RIOT stock price is currently in a consolidation but can see a new high in the future.
Technical Levels
Major Support:$4
Major Resistance:$10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
