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- 1 RIOT stock price has been consolidating inside the horizontal range-bound area over the daily time frame chart.
- 2 RIOT share price slipped below 20, 50, 100 and 200-days daily moving averages.
- 3 Riot Platforms Inc. (NASDAQ: RIOT) gained around 158.17% year to date.
RIOT stock price appears to have the potential to reach the $20 mark, as it has broken out of its primary resistance level on the daily time frame chart. Despite experiencing a roller coaster ride and falling from the $20.52 recovery level, RIOT’s share price could potentially make a recovery towards the $20 mark if it receives strong support from buyers after breaking out of the primary resistance level at $10.
However, it’s important for buyers to accumulate shares at a higher rate to facilitate this recovery phase for RIOT shares. The price movement may depend on the level of buyer support and overall market conditions.
In July 2023, RIOT stock price began to decline from $20.52 and dropped as low as $8.81. It is now poised to potentially enter an upward trend in order to recover its losses. However, for RIOT shares to make a significant recovery, there is a requirement for buyers to increase their accumulation at the current price level.
RIOT stock price stood at $9.01, and it experienced a loss of 0.61% in its market capitalization during Thursday’s trading session. Notably, the trading volume was below average, indicating a decline in RIOT shares. This suggests that the rate of accumulation by sellers may not have met expectations, potentially paving the way for buyers to step in and drive the price of RIOT shares higher.
Will RIOT Stock Price Start Recovering For $12.65 Now?
RIOT stock price has been trading within a horizontal range-bound area after falling below the $12.62 level and breaking down below the $10 mark. To initiate an upward movement for RIOT, buyers need to increase their accumulation at higher levels. However, it’s important to note that the volume change has been below average, indicating a lower accumulation rate.
Furthermore, RIOT shares are currently trading below several key daily moving averages, including the 20, 50, 100, and 200-days daily moving averages. This suggests a bearish trend in the short to long term. Investors should carefully consider these technical indicators when evaluating RIOT stock.
Over the past week, RIOT stock faced a decline of 0.77%, and within the month, it saw a notable drop of 17.94%. Additionally, it experienced a significant loss of 32.86% in the last three months. However, over the past six months, it managed to gain 0.43%. Year-to-date, RIOT Platforms stock has shown a remarkable recovery, with an impressive increase of 158.17%. These fluctuations highlight the dynamic nature of RIOT’s performance in the market.
Technical indicators suggest that RIOT stock is currently in a consolidation phase, with the relative strength index (RSI) showing sideways momentum. RSI was at 37 and is flat above the oversold territory. Investors in Riot Platforms Inc. (NASDAQ: RIOT) need to wait for any directional change over the daily time frame chart.
Summary
RIOT stock price appears to have the potential to reach the $20 mark, as it broke out of its primary resistance level on the daily time frame chart. In July 2023, RIOT share price began a decline from $20.52 and dropped to as low as $8.81. Year-to-date, RIOT Platforms stock has shown a remarkable recovery, with an impressive increase of 158.17%. Technical indicators suggest that RIOT stock is currently in a consolidation phase, with the RSI indicating sideways momentum.
Technical Levels
- Support Levels: $8.72 and $8.60
- Resistance Levels: $9.42 and $10.00
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
