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- 1 Riot stock price may reach the $20 mark as Bitcoin pump hypes the cryptocurrency market.
- 2 Analysts believe RIOT shares will make the $20 mark as soon as they break out of this trend.
- 3 Riot Platforms Inc. (NASDAQ: RIOT) stock has gained an impressive 205% year-to-date.
Riot stock price might gain towards the $20 mark as Bitcoin soares over the daily time frame chart. Riot, the Bitcoin mining stock may initiate its recovery as Bitcoin price recovers towards the $35000 mark. However, Riot shares were trying to sustain at the current level to initiate its recovery phase to reach the $20 mark. However, to reach the $20 mark, it must break out from certain resistance levels during its journey.
Riot Platforms Inc. (RIOT) is a prominent Bitcoin mining firm that plays a crucial role in supporting the Bitcoin blockchain by significantly expanding its large-scale mining operations within the United States. Riot primarily focuses on bolstering the Bitcoin ecosystem by actively engaging in proof-of-work mining activities. Riot even claims that they are the largest publicly traded Bitcoin mining operations based company in North America and are continuously enhancing their efficiency and production.
Riot’s stock price was at $10.67 and gained around 10.34% of its market capitalization during Tuesday’s trading session (press time). Trading volume (51.057M) was above average (23.848M) but under the influence of sellers. This demonstrates that buyers may accumulate more during Wednesday’s trading session.
What is The Target Price For Riot Stock Price?
Riot stock price has been consolidating inside the horizontal range-bound area since September 21st and finally managed to break out due to yesterday’s gap-up market. Buyers may accumulate at a higher rate to push the RIOT share price upward during Wednesday’s trading session. Meanwhile, volume change which is above average needs to be maintained during Wednesday’s trading session. Meanwhile, RIOT shares are trading above 20-EMA to break out of the 50, 100, and 200-day daily moving averages.
As Bitcoin price rose, different mining stocks like Marathon Digital Holdings Inc. (NASDAQ: MARA), stock price, and Riot Platforms Inc. (NASDAQ: RIOT), stock price initiated recovery. As Bitcoin price reaches the $35000 mark, Riot’s share price may gain strong uptrend momentum to surge towards the $20 mark.
But, RIOT has to break out of certain resistances, as discussed earlier in this article. Firstly, RIOT shares must break out of the primary resistance level at $11.63 to continue its surge towards the $12.60 secondary resistance. After breaking out of the secondary resistance, RIOT share price may continue its recovery towards the $17.30 mark with mild consolidation and reach the $20.52 mark after breaking out of the $19.20 final hurdle.
The relative strength index shows the upward momentum of RIOT shares. RSI was at 57 and is heading towards the overbought territory. Investors in Riot Platforms Inc. (NASDAQ: RIOT) need to wait until RIOT shares break out of the primary resistance level at $11.63.
Summary
Riot stock price might gain towards the $20 mark as Bitcoin the market dominator soares over the daily time frame chart. However, Riot shares were trying to sustain at the current level to initiate its recovery phase to reach the $20 mark. Riot’s primary focus is on bolstering the Bitcoin ecosystem by actively engaging in proof-of-work mining activities. Meanwhile, volume change which is above average needs to be maintained during Wednesday’s trading session. Technical indicators suggest Riot’s share is in an uptrend.
Technical Levels
Support Levels: $10.05 and $9.65
Resistance Levels: $11.63 and $12.60
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.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
