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- 1 RIOT stock price shows profit booking in the past trading sessions.
- 2 RIOT stock is trading close to the 50-day EMA and attempting to retain the highs near $20
RIOT Platforms Inc. (RIOT stock) price, under a profit booking spell, fell toward the support range of $14.00 in the last trading session. However, the price action indicates that RIOT stock price is trading in an uptrend, with higher highs and higher lows sequences. However, the price retested the 50-day EMA in the last session.
From the start of 2023, RIOT stock persisted in surging as it took off from the $2.00 support zone, recovering over 400%. Furthermore, the stock has attained fresh momentum in the past sessions and showed a fresh trend reversal. RIOT stock has faced a barrier near $20, failed to sustain near the neckline, and faced correction toward the trendline near $14.
At press time, RIOT stock price is trading at $14.66 with an intraday drop of 3.74% showing profit booking in the last trading session. Moreover, the trading volume remained at 17.867 Million, and the market cap is $2.717 Billion. However, Analysts maintained a buy and outperform rating with a yearly target price of $19.00. Moreover, the stock has persisted in giving more than 53.30% return in the last year and 35.62% in the last three months.
Riot Blockchain Inc. is focused on building, supporting, and operating blockchain technologies. Distributed blockchain technology is a decentralized and encrypted ledger designed to offer a secure, efficient, verifiable, and permanent way of storing records and other information without intermediaries.
It serves as a medium of exchange, store of value, or unit of account. The company’s segments include Bitcoin Mining, Data Center Hosting, and Electrical Products and Engineering. It generates maximum revenue from the Bitcoin Mining segment.
RIOT Stock Near Buying Zone On Daily Charts
On the daily charts, the RIOT stock price has retested the resistance zone of $20 and retraced toward the 61.8% Fib level near $14. Furthermore, the price action shows higher highs and higher lows, and the price respects the trendline shown on the charts. However, RIOT stock has shown a significant bounce from the lows, and profit booking is seen in the last sessions.
RIOT Stock Short Term Charts Indicates Correction
On the 4-hour chart, RIOT stock price noted a correction, losing gains from the swing of $20, and retesting the 100-day EMA. However, the stock is in an uptrend as the buyers attempt a rebound.
The RSI curve fell toward the oversold region noting a negative crossover on the charts and indicating profit booking in the past sessions.
The MACD indicator showed a bearish crossover, as the red bars on the histogram indicate selling pressure in the past sessions.
Conclusion:
RIOT Platforms (RIOT stock) price noted a correction, indicating selling pressure in the past sessions. However, RIOT stock is near the 50-day EMA and is looking for a bounce to retain the swing of $20. Moreover, the trend is positive, and the stock may reach $30, followed by $35 in the upcoming months.
Technical Levels:
Support Levels: $12 and $10
Resistance Levels: $20 and $25
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
