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- Riot Share price has jumped to $8 with the rise in Bitcoin price to $27000
- Technical indicators of RIOT are favoring an upside trend. RIOT price is up by more than 14% in intraday session
Riot Blockchain Inc. is a company which operates in the cryptocurrency mining industry. The company’s stock has gained significant attention from investors due to its involvement in the growing field of blockchain technology.Since its initial public offering in 2017, Riot’s stock has seen tremendous growth. In 2020 alone, the stock surged by over 1,000%, driven largely by the growing interest in Bitcoin and other cryptocurrencies. Riot share price has seen a peak of $82 in Feb 2021. It has seen a low of $3 in the past and has seen a strong comeback to $8 within a few months period. The current spike in Riot can be seen as a result of the rally in Bitcoin. BTC has breached the threshold of $26000 which has pushed the asset price to a new high. Various analysts are expecting a strong rise in price in the near future.
Riot has a market cap of $1.353 Billion with a negative EPS. RIOT price can see a rally to $20 as per the analysts if BTC continues this rally.
Is A Breakout Above $10 On Its Way?
The weekly technical chart of RIOT suggests a consolidated trend in price. It has seen a breakout in the daily chart which can move to a new high in the future.Riot price is currently near $8.10 with a gain of 14% in the intraday session. The upside trend of RIOT can see a halt near the value of $10.Meanwhile a support in the asset price can be seen near $6. It has seen a jump to $8.1 with BTC crossing above $27k. RIOT price is currently trading above the 50 and 100 Daily Moving Average. There is a positive crossover which can push the asset price to a new high in the future.
RSI of RIOT has seen a huge spike and is near 67 suggesting its presence in the overbought zone. The positive slope suggests a spike in price for the future.
Conclusion
RIOT is currently seeing a strong rally with the rise in price of BTC. The breakout may push the price to a new high. Various analysts are expecting a strong growth in price for the future.
Technical Levels
Major Support:$6
Major Resistance: $10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
