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.
Riot stock price has been performing very well lately and may break out from the consolidation phase over the daily time frame chart. RIOT shares need to surge towards the upper trendline of the horizontal range-bound area. However, sellers may approach the market as soon as RIOT share price marches towards the upper threshold. Meanwhile, Riot has gained maximum till now in 2023 and may continue this recovery phase if it sustains the breakout.
Riot stock price was at $11.54 and has lost 0.94% of its market capitalization during Wednesday’s trading session. Trading volume was below average and needs to grow by the opening of Thursday’s trading session.
Will Riot Stock Price Reach $15 Recovery Level?
Riot stock price has been choppy since its gains during March 2023 and now analysts believe that RIOT may register its breakout. However, Riot share price must attract buyers to surge out of the consolidation phase and must sustain at the upper threshold. Riot stock price has been consolidating inside the horizontal price range of $10.15 and $12.80.
Meanwhile, Riot share price has recovered above 20, 50, 100 and 200-days Daily Moving Averages.
If Riot share price sustains at the primary resistance level of $12.80 then it may surge toward the secondary resistance near $14.50. Investors in Riot Platforms Inc. need to wait until the RIOT share price sustains at the primary resistance level.
Riot stock price is performing very well, added analysts, as it has gained tremendously around 246.55% in the last six months. Moreover, Riot shares have surged by around 3.87% in a month and by 22.64% in the last three months indicating that Riot may recover more during 2023.
Riot Platforms Inc. (NASDAQ: RIOT): Technical Analysis
Technical indicators are pretty divergent over the price action of RIOT stock. Relative strength index signals negative momentum in RIOT stock price. RSI was at 54 and is heading toward neutrality.
MACD on the contrary exhibits the upward velocity of RIOT share price. The MACD line is above the signal line after a positive crossover. Investors in RIOT shares need to wait for any directional change over the daily time frame chart.
Summary
Riot stock price has been performing very well lately and may break out from the consolidation phase over the daily time frame chart. However, Riot share price must attract buyers to break out of the consolidation phase and must sustain at the upper threshold. If Riot share price sustains at the primary resistance level of $12.80, then it may surge toward the secondary resistance near $14.50. Technical indicators are pretty divergent over the price action of RIOT stock. Investors in RIOT shares need to wait for any directional change over the daily time frame chart.
Technical Levels
Resistance Levels: $12.08 and $12.80
Support Levels: $10.85 and $10.10
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.
Source: https://www.thecoinrepublic.com/2023/06/29/riot-platforms-inc-is-riot-stock-price-ready-for-a-breakout/