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- Riot Stock Price fell 12% on a single day after Bitcoin price dropped below 29K.
- Riot stock price displayed a golden EMA crossover.
- Riot Platforms Inc (NASDAQ: RIOT) quarterly earnings scheduled on May 9, 2023.
Riot stock price fell 12% approx on a single day after Bitcoin price dropped below $29,000. Riot Platforms Inc (NASDAQ: RIOT) is a bitcoin mining company and stock price is directly correlated with the Bitcoin price fluctuations. Recently, BTC price reacted negatively and witnessed minor profit booking which impacted the stock.
Riot stock price is sustaining above the 50 and 200 day EMA shows positional trend is still in the upward direction. It also displayed a golden crossover and prices are still in the upward rising channel.
Riot stock price closed the previous session at $10.52 with an intraday decline of -12.04%. The market capitalization stands at $1.76 Billion. At the beginning of April, The volume spike visible in the RIOT stock and prices breakout of the $10.00 hurdle. Later, prices began to rise and rallied 40% approx in the short span of time.
The rally halted at $14.43 and formed a shooting star candle. It shows the signs of short term trend reversal and prices declined by forming lower lows. Presently, the stock is near to the previous breakout level and if the sell off continues then it will raise concern for the long term investors.
Will Riot stock price rebound ahead of earnings?
Riot Stock price has performed well in the past few months and generated decent returns for long term investors. Presently, the price is retracing downward and consolidating near to the important support of $10.00.
Riot Platforms Inc (NASDAQ: RIOT) next quarterly earnings scheduled on May 9, 2023. Market analysts estimated the EPS of -0.141 and revenue estimates are $76.794 Million. If the company succeeds to meet the analyst estimates then the probability of rebound will substantially increase. However, if the company disappoints in the quarterly earnings then it may open more downside in the stock.
Riot Stock might recover if Bitcoin recovers
Riot stock price formed bearish engulfing on a weekly time frame. It shows that sellers are more active and short term traders are exiting on higher levels ahead of quarterly earnings. However, If the Bitcoin price recovers then it may positively impact the prices of blockchain and mining company stocks.
The technical indicators like MACD had generated a negative crossover and histogram bar is declining. It indicates prices are likely to trade with the bearish bias. The RSI at 49 denotes neutral territory and an equal level of tug of war between buyers and sellers.
Conclusion
Riot stock price fell 12% on a single day and got negatively impacted after Bitcoin price dropped below 29K. However, Riot stock (NASDAQ: RIOT) is near the demand zone and quarterly earnings are scheduled on May 9, 2023. Therefore, the next directional move might be visible only after the release of earrings.
Technical levels
Resistance levels : $12.12 and $14.44
Support levels : $10.00 and $7.66
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets 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.
