Riot Stock Price Prediction: RIOT Shares Might Rally To Reach $10

Riot stock price has been consolidating after breaking out of the descending channel over the daily time frame chart.
Analysts speculate that RIOT share price might rally if it breaks out of this resistance level by mid 2023.
Riot Platforms Inc (NASDAQ: RIOT) has been declared as one of the promising blockchain stocks by a profound financial firm.

Riot stock price has been consolidating after breaking out of the falling parallel channel and might rally if it breaks the consolidation by mid 2023. RIOT shares have been declared as one of the reliable and profitable stocks from the blockchain niche. This was declared by an esteemed financial advisory firm based in New York City, New York, USA.

RIOT shares have been preferred by buyers lately and the stock price is surging towards the upper price range of the consolidation phase to register its breakout. However, sellers have been pulling the stock price to fluctuate inside the horizontal range-bound area over the daily time frame chart.

Riot stock price was at $6.59 and has gained 3.62% of its market capitalization on the closing of Friday’s trading session. Analysts speculate that RIOT shares might start Monday’s trading session by providing a kickstart to the stock price to sustain at the current resistance level of $6.70 and move towards the secondary resistance at $7.75.

Riot stock price slipped through an interesting declining channel from August 2022 and then finally managed to escape the channel in January 2023. This might be the evidence to the fact that RIOT share price might rally maximum during 2023. Trading volume can be seen above average showcasing the accumulation rate of buyers on Friday’s trading session.

Riot share price trying to maintain itself above 20, 50 and 100-days Daily Moving Average to break out of 200-days DMA resistance level. Here, it can be observed that 200-DMA is playing a role of resistance for RIOT shares. Investors in RIOT shares need to wait and see if the stock price breaks out of the 200-DMA resistance level to surge towards the $10 recovery level.

Will Riot Stock Price Reach $10?

As mentioned earlier Riot stock price needs to break out of the current consolidation phase to register its recovery above 200-DMA resistance level. If the RIOT share price managed to recover above 200-days Daily Moving Average then investors might witness a rally from RIOT stocks. Technical indicators suggest the uptrend momentum of RIOT stocks.

Relative Strength Index showcases the upside trend of Riot shares. RSI was at 56 and was levitating towards the overbought territory leaving neutrality. MACD exhibits the upward velocity of RIOT shares. The MACD line can be seen moving towards the signal line for a positive crossover. Investors in Riot stocks might observe an upcoming rally by mid 2023 for RIOT share price to reach $10.

Summary

Riot stock price has been consolidating after breaking out of the falling parallel channel and might rally if it breaks the consolidation by mid 2023. Riot share price slipped through an interesting declining channel from August 2022 and then finally managed to escape the channel in January 2023. If the RIOT share price managed to recover above 200-days Daily Moving Average then investors might witness a rally from RIOT stocks. Technical indicators suggest the uptrend momentum of RIOT stocks. Investors in RIOT shares need to wait and see if the stock price breaks out of the 200-DMA resistance level to surge towards the $10 recovery level.

Technical Levels

Support Levels: $6.00 and $5.50

Resistance Levels: $7.75 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 stock and 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