Riot Stock Price: Will RIOT Sustain the Channel Breakout?

• The stock price of Riot Platforms (NASDAQ; RIOT) is trading above the 50, and 100-day EMA levels.
• The stock price of Riot Platforms is currently trading at $17.43.
• The current market value of Riot Platforms (NASDAQ: RIOT) is $3.11 Billion.

Riot Platforms Inc is a well-known Bitcoin mining company. The creation, administration, and support of blockchain technology are the company’s main priorities.

Based on the daily timeframe, the stock price of Riot Platforms (NASDAQ: RIOT) stock  is clearly in an uptrend momentum and the stock is forming higher highs.

The stock peaked at $79.50 in February 2021 before quickly falling to $4.03 the following month. This sudden fall in the stock price caused a 95% fall in just one and a half years and the stock had to struggle a lot to get back to switch its trend.

As per the current market scenario, the stock price of Riot platforms has broken out of a descending triangle pattern, indicating that the stock is in a positive direction. At $14.45, the price is currently approaching a significant resistance level. The stock may gather substantial momentum and break through this barrier propelling it higher.  

It’s important to note that the stock is currently trading at a high volume, a sign of rising interest and market activity. The idea of further potential price movement in the stock is supported by the robust price action structure.

The revenue of the Riot Platforms stock has risen by an average of 20.5% in the last three quarters. The revenue has shown an increase from $46.29 Million to $73.24 Million.

Riot Platforms (RIOT) Stock Price 

EMA

It should be noted that Riot Blockchain (RIOT) is currently trading above both the 50-day and 100-day Exponential Moving Average (EMA) levels on a daily basis suggesting that the price is still rising steadily.

MACD

Additionally, Riot Blockchain’s (RIOT) Moving Average Convergence Divergence (MACD) indicator is flashing a positive signal. MACD line is above the signal line also the formation of the green histogram is clearly identified. This indicates that the stock is in positive direction/

RSI

Riot Blockchain (RIOT)’s Relative Strength Index (RSI) is displaying a bullish reading as it is still outside of the overbought zone. The stock’s positive outlook is further supported by the RSI’s position above the Simple Moving Average (SMA) line.

Conclusion 

In conclusion, as per the analysis, Riot platforms stock is giving positive signals. The stock is moving in an upwards direction by forming fresh highs. The indicators are also bullish in the stock and it is highly likely for the price to move up in the upcoming days.

Technical Levels

• Support Level – $14.45.
• Resistance Level –  $20.0789.

Disclaimer

The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.