Riot Blockchain is a company which focuses on mining Bitcoin and other cryptocurrencies. It was founded in 2000 and was originally focused on biotechnology. In 2017, they shifted their focus to blockchain technology and cryptocurrency mining. Since then, Riot has become one of the leading companies in the cryptocurrency mining industry.Riot has been a popular choice for the investors who want their exposure in crypto mining without holding any machinery.Riot’s stock has been subject to strong volatility due to market conditions and investor sentiment.There is a strong fluctuations in the RIOT price due to volatility in crypto. RIOT buyers are currently gathering up to push the asset price to a new high in the future.
RIOT has a market cap of $1.06 Billion with a negative EPS.It may see a high of $10 in near future as per analysts.
Is RIOT Price Looking For An Upside?
RIOT stock price is currently in a supply zone and may hit the support before rebounding to a new high. The weekly technical chart of the RIOT suggests a consolidated trend in price. On the daily chart it is trading near the value of $6.25 with a small gain in the intraday session. Resistance of the RIOT stock price can be seen near $8.Meanwhile the support of the asset price can be seen near $4.It is 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 in the future.
RSI of the RIOT is currently near 57 suggesting its presence in neutral zone. RIOT stock price may see a downside trend as per RSI.
Conclusion
RIOT has been in a consolidated parallel channel for a long time but may see a breakout in the future. Various analysts are expecting a strong momentum in RIOT price in future.
Technical Levels
Major Support:$4
Major Resistance:$8
