- Riot Platforms Inc. formerly named as Riot Blockchain stock price has been consolidating after recovering from a declining parallel channel.
- Riot stock price needs to break out of the horizontal range bound area over the daily time frame chart.
- RIOT shares (NASDAQ: RIOT) carved an interesting pattern over the daily time frame chart.
Riot Platforms Inc. stock price has started consolidating after leaving the declining parallel channel over the daily time frame chart. Riot share price has finally escaped its falling streak with a strong bullish move on 3rd January 2023.
Riot share price got stuck into a consolidation phase after recovering itself up to $6.70 resistance level. Buyers of Riot shares have been struggling to keep up the constant uptrend momentum over the daily time frame chart. RIOT stocks investors need to wait until the stock price breaks out of the horizontal range-bond area.
Riot stock price was at $6.33 and has gained 3.26% of its market capitalization by the closing of Friday’s trading session. Buyers provide a great start to the Riot share price on Friday. However, volume change can be observed below average suggesting that the accumulation rate of buyers was low.
Riot share price has gotten up with buyers support on Friday’s trading session. Now investors in Riot Platforms inc. (NASDAQ: RIOT) has been waiting for the stock price to reach the upper price range during Monday’s trading session.
RIOT share price can be seen thriving towards the upper price range and it must continue the uptrend momentum by the opening of Monday’s trading session. Meanwhile, Riot share price has recovered above 20, 50 and 100-days Daily Moving Average while preparing for 200-days DMA.
Will Riot Stock Price Maintain This Accumulation?
Riot stock price needs to recover itself above the horizontal range-bound area over the daily time frame chart. Technical indicators suggest the uptrend momentum of RIOT share price.
Relative Strength Index showcases the uptrend momentum of Riot Share Price. RSI is at 64 and is facing towards the overbought territory. MACD exhibits the upside velocity of RIOT stocks. The MACD line is above the signal line showcasing the buyers accumulation rate. Investors in Riot shares need to wait until the stock price breaks out of the consolidation phase.
Summary
Riot Platforms Inc. stock price has started consolidating after leaving the declining parallel channel over the daily time frame chart. Now investors in Riot Platforms inc. (NASDAQ: RIOT) has been waiting for the stock price to reach the upper price range during Monday’s trading session. Technical indicators suggest the uptrend momentum of RIOT price. The MACD line is above the signal line showcasing the buyers accumulation rate.
Technical Levels
Support Levels: $5.50 and $3.20
Resistance Levels: $6.70 and $8.00
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.
Source: https://www.thecoinrepublic.com/2023/01/29/riot-stock-price-ready-to-break-consolidation-on-monday-riot-platforms-inc-nasdaq-riot/