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- 1 Riot has recently released its production and operations updates and has seen an increase of 36% year on year
- 2 Technical indicators of RIOT suggest a weak upside trend in price. It is currently trading near the value of $13.48
Riot Blockchain, Inc. is a publicly-traded company that focuses on cryptocurrency mining and other blockchain-based service. The company stock came under the radar of investors when Bitcoin and other cryptocurrencies started to soar. One of the core factors which helped the RIOT price to rise is the surge in the acceptance of cryptocurrencies as a legal investment.RIOT is also involved in software solutions by blockchains. In a recent press release, they updated about their operations. They have produced over 695 Bitcoins through their mining operations. The company is expected to post a loss in their next quarter as per analysts. The growth in the production of BTC is 36% from year to year. Various analysts are expecting strong growth in the asset price in the future.
RIOT has a market cap of $1.53Bn with a negative EPS. It is currently more than 40% down from its all-time high. RIOT stock price may see growth to its 52-week high in the future.
Are Bulls Of RIOT Ready To Push The Price?
RIOT stock price suggests that bulls are ready to push the price to a new high. It has been forming a bullish engulfing candle on the daily chart. RIOT is currently trading near the value of $13.48 with a small drop in the intraday session. The upside trend of RIOT can see a halt near the value of $16.Meanwhile, the downside trend of the asset price can see a bounceback from $10. The asset price has been trading above the 50 and 100 Daily Moving Averages. There can be a positive crossover in the future which can push the asset price to a new high. RIOT price may see a rally to $20 in the upcoming months.
The RSI of RIOT is near 76 suggesting its presence in the overbought zone. There is a strong upside slope in it highlighting a bullish trend.
Summary
RIOT stock price has seen strong gains with the Bitcoin rally above $30000. RIOT stock price is observing a weak bearish momentum near $14 but can see a breakout in the future.
Technical Levels
Major Support:$12
Major Resistance:$16
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. 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.
