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- 1 RIOT stock price is facing bearish pressure on the daily time frame charts.
- 2 RIOT stock price is trading below the key moving average of 20, 50, and 200-Day.
Riot Platforms stock price is facing strong bearish pressure on the daily technical charts, as it is trading below the 100 and 200-day EMA. The stock has failed to break above its key resistance levels near the EMAs in the past few months, despite several attempts by the buyers.
The stock is currently trading near $9.42, with a marginal gain of 9.42% in the intraday session. The stock has a potential upside target of $20, but it needs to overcome the bearish momentum and surge above the 200-day EMA. The stock has a support level of $8.68, which could prevent further downside.
Riot Platforms price Forecast suggests that the stock is in the firm grip of the bears and needs to show some signs of reversal before confirming a bullish trend.
The technical indicators favor the sellers projecting a pessimistic perspective for the buyers. RSI and stochastic RSI oscillators are moving near the overbought zone whereas the major EMA lines are acting as barrier points for RIOT price.
The company’s performance has been dismal throughout the year. It has suffered negative returns of % in the year-to-date period, % in the last six months, % in the last month, and % in the last week. This shows a persistent bearish trend that has not reversed yet.
Technical Analysis of Riot Platforms Stock Price in 1-D Timeframe
Riot Platforms stock (NASDAQ: RIOT) is trading under the 50 and 200-day EMAs (Exponential moving averages), which are not upholding the price trend.
The current value of RSI is 43.79 points. The 14 SMA is above the median line at 40.57 points, indicating that the Riot Platforms stock is bearish.
The MACD line at -0.4659 and the signal line at -0.5875 are below the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the RIOT stock price.
Weekly-Time Horizon Analysis: RIOT Stock
The weekly charts of Riot Platforms stock reveal that the sellers have been dominant from the upper level. The stock has been on a downtrend, as it broke below the key EMAs. Technical indicators also confirm the bearish sentiment – the RSI is near the oversold zone at 43 and the MACD showed red bars and a bearish crossover. These signals indicate that the stock may face more downside pressure in the coming weeks.
Summary
Riot Platforms (NASDAQ: RIOT) technical oscillators also support the bearish trend. The MACD, RSI, and EMAs are emphasizing negative signs and imply that the downtrend may continue in the RIOT stock price. Riot Platforms price action suggests that the investors and traders are bearish on the 1-day time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
Support Levels: $11.94 and $13.29
Resistance Levels: $8.68 and $7.00
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
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.
