RIOT Stock Price: Riot Platforms Ambushed by Bitcoin Price

Riot Platforms tumbled, its movement mirroring Bitcoin’s (BTC) fall from the $30,000 price level, affecting the BTC driven company. The company is engaged in Bitcoin mining and is a BTC driven infrastructure platform. With the recent rally in BTC, and its price reaching above the $30,000 amid First Republic Bank woes causes the RIOT stock price to display high volatility. The present movement can also be a pre-reaction to upcoming halving for Bitcoin. The upcoming earnings result can affect the projected price movement.

Is Riot Ready for BTC Halving?

Bitcoin is up 80% since the beginning of 2023, proving the hypothesis true relating to halving. The hypothesis states the cryptocurrency tends to perform well in the warm-up trend to its halving momentum. Since BTC is nearly a year away from the key event, it may take the related companies to rise along.

RIOT stock price is expected to follow the BTC momentum, which means it is also likely to rise in the coming months. History reveals that BTC marks a fresh all-time high after each halving event, setting a bullish outlook in the industry. In the anticipation of a new all-time high for Bitcoin, Riot Platforms can aim for higher price levels beyond $50.

RIOT Stock Price Analysis

RIOT stock price forms a three black crows pattern (marked in yellow), after facing rejection at $13.85 and entering the downtrend. The pattern was followed by a bullish engulfing candle (marked in pink) attempting to transform the trend bullish. The pattern sent the price rising after taking support at $10.30. The attempt to establish a bull trend failed when BTC fell below $30,000 (again), following which RIOT fell by more than 9% intraday.

The EMA ribbons form a golden cross (marked in green) for Riot Platforms, indicating a bullish swing in the coming days, suggesting that the current dip may be temporary. The trading volume records bulk selling due to a massive drop, but can soon strike the interests of potential buyers looking to buy the dip. The RSI bounces back from the half line, indicating initiation of buyer participation in the market. The MACD forms a negative cross and records ascending seller bars in the region below the zero-histogram mark.

Conclusion

Riot Platform suffers from high volatility due to the eruptive Bitcoin price. The longer time frame highlights the high chance of a bullish rally due to approaching BTC halving. The prices can test new supports and resistances for the time being. The projections suggest RIOT stock price can aim to reach beyond $50, with the BTC price expected to reach a new all-time high after the halving event. The holders can rely on the support near $10.30 and watch for an uptrend.

Technical levels

Support levels: $10.30 and $7.15

Resistance levels: $13.85 and $16.05

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing