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- RIOT stock declined more than 8% in just one day, but noted almost 13% upsurge in one week.
- RIOT stock showed impressive growth up to its year-to-date (YTD) price but is down nearly 98% from it’s all-time high.
Riot Platforms Inc.’s (NASDAQ: RIOT) stock price declined by 8.87% this weekend and closed at $8.63. Meanwhile, the sectoral stock Marathon Digital Holdings Inc. (NASDAQ: MARA) also declined by 7.68% in the same trading day and closed at $7.81.
RIOT Stock Price Analysis
RIOT stock price already surpassed its 200-day EMA, which was at $7.82. This weekend, the buyers tried to accumulate, but the selling pressure was too much; eventually, the price fell further.
The RSI curve of RIOT is at 61 (bullish zone) and since mid-March continuing the upward movement above the 50 mark. The earnings and revenue report of Riot platform was released on March 2, which showed negative results. After which, the stock price experienced little drop in price. The buyers made a comeback and captured the upward trend resulting in a price surge.
As the stock follows a long-term bullish trend since the starting of this year, reflecting bullish dominance. However, a retracement is needed for the continuation of an uptrend.
Riot Platform Inc: The Bitcoin Mining Company
Riot Platform is working in the field of Bitcoin (BTC) mining, and known as one of the largest public bitcoin mining companies. The company has a market cap of $1.441 billion. Notably, due to the bear market for most of the top-traded cryptocurrencies including Bitcoin, Bitcoin mining companies were among the worst affected, last year.
Meanwhile, the performance of the Valkyrie Bitcoin Miners Exchange Traded Fund (ETF) (NASDAQ: WGMI) showed the extent to which the value of the crypto mining business was affected. It lost nearly 70% of its value over the course of a year.
The Bitcoin mining industry experienced one of its worst bear markets in 2022 as multiple big collapses crises hurt investor confidence in the sector. Bitcoin price fell below $16,000 in late November, which was its lowest in over two years.
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 or stock 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.
