RIOT Platforms (NASDAQ: RIOT) share price failed to sustain in the bull territory around $20, resulting in a significant correction; it retested the demand zone of $10. Furthermore, aggressive selling pressure broke the neckline of $10 with the stock heading for the $8 mark. However, the chart suggests that there are multiple support zones below the cluster of $9 which could be a challenge for the bears to break.
However, the market sentiment is negative, and bulls need a massive push to retain the $10 spot. As per the technical chart setup, RIOT stock will face a selloff. Slowly and steadily it will lay off the gains and enter a downtrend in the upcoming sessions.
At press time, RIOT stock price is trading at $9.58 with an intraday drop of 4.39%, showing massive selling pressure in yesterday’s trading session. Moreover, the trading volume increased by 0.56% to 16.786 Million; the market cap is $1.775 Billion. Furthermore, analysts maintained a strong buy rating with a yearly target price of $19.22.
Recently, RIOT stock hit the $20 mark, but the mighty bears activated their muscles and threw back the bulls, and a sharp profit booking was witnessed in the past trading sessions. However, RIOT stock is trading near the demand zone and may bounce to retest its 20-day EMA spot near $10.50, where 38.2% Fib zone exists.
Riot Platforms, Inc. is a Bitcoin mining company that provides special cryptocurrency mining computers. It invests in Verady, Coinsquare, and Tess. The firm operates through the following segments: Bitcoin Mining, Data Center Hosting, and Engineering. The company was founded on July 24, 2000, and is headquartered in Castle Rock, CO.
RIOT Platforms Indicates A Negative Sentiment On Daily Charts
On the daily charts, RIOT stock price showed a vertical bounce and reached the swing highs of $20.00 last month, however, the bears arose with aggressive short buildup resulting in a sharp reversal, and RIOT stock faced selloff. Moreover, RIOT stock retested the zone from where the rally started, and is hovering to sustain the spot of $10.
The RSI curve stayed below neutrality and is heading toward the oversold region, showing a negative crossover indicating further volatility in the following sessions.
The MACD indicator showed a bullish crossover and formed little green bars indicating a hammer candlestick pattern, which signifies the bulls’ accumulation on the charts.
Summary
RIOT Platforms Inc. (NASDAQ: RIOT) stock price slipped below the cluster of $10 showing short buildup activity in the past sessions. Furthermore, RIOT stock price is trading below the key MAs and below the lower Bollinger band, which suggests seller dominance on the charts. If the price holds the spot of $10, a significant bounce could be seen, whereas, if it slips below $9, it could return to the spot of $8 in the following sessions.
Technical Levels
Support Levels: $9.00 and $8.00
Resistance Levels: $11 and $15
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/09/22/riot-platforms-nasdaq-riot-in-trouble-will-bulls-hold-9/