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 held the $8.50 support and showed a minor bounce of approximately 20% from lower levels. The stock price rises for three consecutive days and approaches the 50-day and 200-day EMA.
Riot Platforms stock price is in a downtrend. So, if the buyers succeed in pushing the price above the EMAs, then the short-term trend may reverse upward.
At the beginning of September, RIOT price faced rejection from $12.00 and slowly began the next phase of decline. At the same time, the selling volumes also surge indicating that some genuine investors may choose to sell off their shares.
On a daily timeframe, RIOT price seems to be spending time in the range between $8.50 to $12.00.
Buyers are active at lower boundaries and sellers are active at higher boundaries. Therefore, until buyers or sellers break either side of the range, the direction will not be clear.
However, the price is near the crucial support and consolidated for two months. So, the possibility of the range expansion will remain high. RIOT stock price closed the previous session at $10.16 with an intraday decline of -0.1%.
RIOT Stock Price Analysis: Is the Correction Over?
RIOT stock price is recovering and buyers are trying their best to give the follow-up momentum. However, the price will gain momentum when buyers are able to break out of the $12.00 hurdle.
Riot Platforms stock price has corrected a lot and lost the majority portion of the gains generated in 2023. At present, the correction seems to have taken a halt and the presence of buyers at the lower levels is visible.
If the broader market indices recover, then it might fuel the rally in the RIOT shares. The analysis suggests, that if RIOT holds $10 in the coming months, then 10% to 20% more upside is possible in October.
Riot Platforms Stock Price Formed Doji Candle on Weekly Chart
Riot Platforms stock price formed a Doji candle last week. It indicates that the bears are losing the downside momentum. However, the confirmation of the trend reversal is still awaited.
The MACD curve is reversing upward and displays a positive crossover. The histogram bar is green; indicating mild bullishness.
The RSI curve at 49 is near the neutral territory. If the recovery in the price continues, then the RSI might reach 60 which will showcase the strength of the bulls.
Conclusion
RIOT price regained $10.00 and showed signs of a short-term trend reversal. However, the confirmation will come when buyers are able to break out of the $12.00 hurdle.
The analysis suggests that Riot Platforms stock price is near the demand zone and buyers seem to be preparing for the rally.
Technical Levels
- Resistance Levels: $12.65 and $15.67
- Support Levels: $8.77 and $7.24
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. 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/2023/10/11/riot-stock-regain-10-riot-platforms-stock-prepares-for-rally/