- Riot Platforms Inc. has announced updates of January 2023 unaudited production reports, which is causing Riot stock price to surge, according to analysts.
- Riot stock price (NASDAQ: RIOT) has gained around 1.69% of its market capitalization during the pre market session of Thursday.
- Bitcoin production and operations updates for January 2023 includes that, Riot produced around 740 BTC, by approximate increase of 62% in comparison to January 2022 production of 458 BTC.
Riot Platforms Inc. has announced its Bitcoin production and operations updates for January 2023 which led Riot Stock Price to soar. Riot Stock price has started its uptrend momentum on the pre market session of Thursday. Riot share price needs to reflect the same energy while the Thursday’s trading session starts while buyers need to carry forward the accumulation rate during the day’s trading session. Let me acknowledge you about the recent announcement made by Riot Platforms Inc. in depth.
The Announcement by Riot CEO to Push Riot Stock Price
“I’m happy to report that Riot resumed its track record of month-over-month gains in total Bitcoin production in January, producing an all-new high of 740 Bitcoin. Riot has continued to set new records, mining more bitcoin in January than in any previous month, despite a reduction in our deployed fleet and hash rate capacity brought on by recent damage to our Rockdale Facility, according to Jason Les, CEO of Riot.
Bitcoin Production and Operations Updates for January 2023
As of January 31, 2023, Riot had roughly 6,978 BTC in its possession, all of which came from the company’s personal mining activities. Riot earned about $13.7 million in net profit from the sale of 700 BTC. As of January 31, 2023, Riot had an operational fleet of 82,656 miners with a 9.3 exahash per second (“EH/s”) hash rate capability. The 17,040 miners that are offline as a result of damage to Building G from the extreme winter cold in Texas in late December are not included in Riot’s deployed fleet.
Riot stock price has started its pre market session by gaining momentum as a positive reflection of the recent announcement by Riot Platforms CEO. Riot share price was at $6.63 and has gained 1.69% during the pre market session of Thursday.
Riot stock price was at $6.52 and has dropped by 1.21% by the closing of Wednesday’s trading session. Now, Riot share price might start surging on Thursday’s trading session according to the analysts.
Riot share price has recovered above 20, 50 and 100-days Daily Moving Average while trying for 200-days DMA. Trading volume must be increased by the opening of Thursday’s trading session to surpass the average.
Riot Stock Price (NASDAQ: RIOT) to Reach $10 by Mid 2023
Riot stock price has showcased astonishing recovery by the start of January 2023 and it is said that Riot share price might recover maximum during 2023. To prove the statement analysts pick the recent announcement by Riot Platforms Inc about its fantabulous production report of January 2023. This is just the start for Riot stocks and the Riot stock price might break out of the $10 primary resistance level by mid 2023, says analysts.
Will Riot Stock Price Keep Up the Pace?
Riot stock price has been trying to recover itself above $10 primary resistance level over the daily time frame chart. However, Riot shares need to accumulate buyers by the opening of Thursday’s trading session to soar over the charts.
Technical indicators suggest the downtrend momentum of Riot stock price. Relative Strength Index showcases the downtrend momentum of RIOT share price by the closing of Wednesday’s trading session. MACD exhibits the downside trend of Riot share price. The MACD line has crossed the signal line downwards registering the negative crossover on Wednesday. Investors in Riot stocks need to accumulate themselves to push Riot share price towards $10 primary resistance level.
Summary
Riot Platforms Inc. has announced its Bitcoin production and operations updates for January 2023 which led Riot Stock Price to soar. Riot Share price has started its uptrend momentum on the pre market session of Thursday. As of January 31, 2023, Riot had roughly 6,978 BTC in its possession, all of which came from the company’s personal mining activities. However, Riot shares need to accumulate buyers by the opening of Thursday’s trading session to soar over the charts. Technical indicators suggest the downtrend momentum of Riot share price. Investors in Riot stocks need to accumulate themselves to push Riot share price towards $10 primary resistance level.
Technical Levels
Support Levels: $6.05 and $5.95
Resistance Levels: $8.00 and $10.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they 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
Source: https://www.thecoinrepublic.com/2023/02/09/riot-platforms-inc-s-recent-announcement-may-push-riot-stock-price-to-reach-10/