Riot platform is one of the leading companies in the blockchain which has witnessed a strong growth. The company focuses on the cryptocurrency mining and blockchain infrastructure. They aim to capitalize on the growing demand of the cryptocurrency market. RIOT has several state of the art mining equipment and has a stake in various crypto projects. RIOT stock price has been observing a drop from the past few months. Despite this drop the stock price is up by more than 410% in the past 3 years.
RIOT Platform has recently released their quarterly results which were better than expected. The company was expected to post a loss of $0.14 per share but produced a loss of $0.07 which is a 50% gain for the investors. The quarterly report of the RIOT had an earning surprise of 123%. Various analysts are estimating a strong growth in the RIOT earnings and a positive EPS within a year or two.
RIOT has a market cap of $1.85 Billion with a small negative EPS. RIOT stock price is currently up by more than 231% from the start of this year. The stock price is currently 40% from its 52 week high and can see a new high in future.
Will RIOT Price Surge Beyond $20?
Riot stock price has been moving in a weak consolidated trend in the weekly chart. On the daily chart the stock price is seeing a weak recovery in price. It is trading near the value of $10.4 with a small gain in the intraday session. The upside trend of RIOT can see a halt near the value of $12. Meanwhile, the support of the asset price can be observed near $10. RIOT is trading in between the 50 and 100 Daily Moving Average. If a positive crossover happens then a strong bullish momentum can be seen in the future
The RSI of RIOT is near 46 with small positive slope in it. The overall sentiment of the indicator is slightly bullish.
Summary
RIOT platform has exceeded the quarterly expectations. RIOT stock price is currently in a consolidated trend and can see a new high in the future.
Technical Levels
Major Support:$10
Major Resistance:$12
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 assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and 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.
Source: https://www.thecoinrepublic.com/2023/06/17/riot-price-gains-4-will-this-trend-continue-above-15/