RIOT stock price prediction 2024 suggests that the stock may rise in the coming months and may generate nominal returns.
The stock price took support near $8.00 and spent time in a narrow-range consolidation. It denotes RIOT shares are forming a base so that selling pressure can be absorbed.
In the last two months, Riot Platform’s stock price consolidated in the range between $8.50 to $12.00. Buyers and sellers both attempted multiple times to break either side of the range. But both succeeded in defending their boundaries and kept the prices inside the range.
Recently, the sudden increase in the buying volume is visible and bulls seem to be getting ready for the next attempt.
RIOT stock managed to push the price above the 50-day and 200-day EMA showcasing that the trend is reversing upward. However, the confirmation is still awaited.
The correction in the Riot Platforms stock seems to be halted. But no reliable signs of recovery or reversal are visible. Third-quarter earnings are scheduled in the coming weeks so investors expect that a $12.00 range breakout may be visible.
Will RIOT Stock Price Break $12 After Q3 Earnings?
RIOT stock price had consolidated a lot so any time either side range breakout may be visible. However, the probability of the upward range will increase when the company succeeds in beating the Q3 earnings estimates.
According to market analysts, the EPS and revenue predictions are -$0.284 and $67.953 Million respectively. If Riot Platforms Inc. disappoints in Q3 earnings then prices are expected to trade in the existing consolidation range.
The analysis suggests, that most of the breakouts happened at the time of any events so the possibility of a $12 breakout is high.
Riot Platforms Stock Price Prediction for 2024
Riot Platform’s stock price prediction for 2024 is not too high. At present, the share price looks oversold so a pullback rally may come. But the question is whether the price will be able to hit $20.00 by the end of 2024 or not.
The analysis suggests that the RIOT stock price can break out of the $15.80 hurdle and sustain. Then, the possibility of reaching $20.00 will increase.
However, if prices face rejection and sellers take control then the stock may raise concern for the long-term investors.
Conclusion
RIOT stock price prediction for 2024 is mildly bullish. At present, buyers are trying to break out of the $12.00 hurdle to reverse the short-term trend. However, the sellers were also active so if the company succeeded in beating the Q3 estimates. Then the sellers might step back and a breakout might be visible.
Technical levels
- Resistance levels: $12.65 and $15.80
- Support levels: $8.53 and $6.00
