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- 1 RIOT stock lost 38.68% in a month despite a surge of 216.33% in YTD frame.
- 2 Riot Platforms, Inc. has a market capitalization of $2.046 Billion, a significant surge of 200% as compared to a year before market cap.
- 3 The RSI curve stayed in the oversold region and suggests a bullish divergence on the charts.
RIOT stock has constantly reflected and surged momentum since the beginning of this year, in YTD time frame stock price surged over 216%. Since the past couple of trading sessions, seller movement is visible, which dragged Riot Platforms, Inc. stock in a downward direction.
Will RIOT Stock Lose Momentum?
At the time of publication, RIOT stock price was trading below its annual price target of $19.44. Riot Platforms, Inc. has a market capitalization of $2.046 Billion compared to 2022, the market surged over 260% in the current year.
The RSI curve stayed in the oversold region and suggests a bullish divergence on the charts. Similarly, the MACD indicator showed a bearish crossover, but the red bar is near to end and suggests a short-term bounce.
The primary hurdle of $11.50 needs to be surpassed to initiate a bullish move toward the swing of 413. RIOT stock shows a double bottom pattern and suggests a rebound in the next session.
In the 52-week time frame, the highest trading price of RIOT share was $20.65, and its lowest traded at $3.25. On September 4, the trading range of the stock lies between $10.76 to $11.56.
As per market analysts, there are chances that on September 5, RIOT stock might open below its previous closing price. At press time the price of RIOT stock was trading below 20, 50, 100, and 200-day EMA.
If sellers continue their dominance over buyers in the coming session then there are possibilities that RIOT stock might fall further and register a nearest support of $10.06 and following support of $9.23.
In a different scenario, if buyers got the opportunity to dominate sellers in the upcoming session then RIOT share price might surge upwards. The nearest resistance that might be tested by the stock is $12.18 and the following resistance of $12.80.
Riot Platforms, Inc. Earnings & Revenue
Riot Platforms, Inc. was expected to report $84.64 Million in revenue, but the company failed to meet the figures. A negativity of 9.38% was noted in the reported revenue compared to the estimated revenue.
The estimated EPS for Q2, 2023, was negative 0.20 but the reported EPS was negative 0.17. A major spike of +14.83% was seen in the report compared to the estimated EPS. The expected EPS for the third quarter is negative 0.21.
According to TradingView, 175.179 Million RIOT shares are free-floating and the remaining 10.127 Million are closely held either by financial backers of the company or the board of directors.
Technical Levels
Major Support: $10.06 and $9.23.
Major Resistance: $12.18 and $12.80
Conclusion
Since the beginning of 2023, RIOT stock seems to be trading profitably and added over 200% to its trading price. However, a constant selling momentum is reflected since the last week of July 2023. After analyzing the technical aspects of RIOT stock price it is noted that a short-term bounce is expected in the coming sessions.
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.
Saurav Bhattacharjee is in charge of the Broadcast development team of The Coin Republic.
He has been covering the Metaverse and NFT niche for the past 2 years.
With stellar interviews on his portfolio like Nicehash, Paxful, WallstreetWolvesNFT, Bitholla, Totemfi, EOS.io etc. Saurav has spearheaded the NFT SUPERSTARS AWARD and successfully hosted the first award in 2021.
