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- 1 Mining stocks like Riot have gained significantly in 2023; RIOT has surged around 282% year to date.
- 2 Riot Platforms Inc. (NASDAQ: RIOT) stock jumped by around 12.94% on Monday.
- 3 Investors might prefer to hold RIOT shares as Bitcoin sustains above 30K and RIOT may rally, says analysts.
Mining stocks have gained as Bitcoin the crypto giant sustains above $30K and Riot stock price may rally as it broke out from the cage. RIOT share price has been inside a consolidation phase after gaining in April 2023.
Meanwhile, RIOT stock price has finally registered a breakout as Bitcoin sustains above 30K the major bar. Analysts believe that RIOT shares may gain more with a rally recovering above $15 mark if BTC remains in good condition.
Riot stock price was at $13.35 and has gained 12.94% of its market capitalization during Monday’s trading session. Trading volume is above average and needs to be maintained on Tuesday’s trading session.
However, in the pre market session, Riot share price was at 12.94% and lost 3.07%. This may frighten the traders getting involved in the trade for RIOT stocks.
Will Riot Stock Price Sustain to Reach $15 Mark?
Riot stock price is faltering at the current level as it may fall back inside the consolidation phase over the daily time frame chart. However, some analysts believe RIOT share will recover above $15 if Bitcoin, the cryptocurrency market dominator, sustains above 30K price level.
Nevertheless, Riot stock price can be seen entering the distribution phase and RIOT shares may get distributed if investors decide to move out of the trade as the sellers approach.
Investors in Riot stock need to wait for any directional change as RIOT share price may approach the upper level of $14.45. Moreover, Riot share price has recovered above 20, 50, 100 and 200-days Daily Moving Averages.
In addition, RIOT stock price surged around 20.60% in a week and 5.04% in a month. Also Riot shares have soared 38% in the last three months and 288.08% in the last six months.
The performance of Riot Platforms Inc (NASDAQ: RIOT) during 2023 has been excellent as it has jumped around 282.52% year to date confirming that RIOT stock is likely to recover maximum in 2023.
Riot Platforms Inc (NASDAQ: RIOT): Technical Analysis
Technical indicators suggest strong upward momentum in RIOT stock price. Relative strength index showcases the upward trend of RIOT shares. RSI was at 65 and is approaching the overbought territory.
MACD exhibits the recovery phase of RIOT share price. The MACD line is above the signal line, into the positive zone. Investors in Riot Platforms Inc. (NASDAQ: RIOT) need to wait until Riot share price sustains at the current level.
Summary
Mining stocks have gained as Bitcoin sustains above the 30K level. Riot stock price may rally as it broke out from the cage. However, in the pre market session, Riot share price was up 12.94% and has lost 3.07%. Investors need to wait for a directional change as RIOT share price may approach the upper level of $14.45. Riot Platforms Inc (NASDAQ: RIOT) did well in 2023 as it rose by around 282.52% year to date. Technical indicators are bullish on RIOT share price.
Technical Levels
Support Levels: $11.80 and $11.20
Resistance Levels: $14.45 and $15.00
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 or stock 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.
