Will Riot Stock Price Rebound For $25?

Riot stock price had a breakout from the consolidation phase on 5th July and has gained $20.64, may continue this rally towards $25. Riot share price may reverse the trend to surge upwards and reach the $25 recovery level according to the analysts. Analysts also confirmed that if RIOT shares register the breakout from the primary resistance level of $21.02 then it may reach the $25 mark by sustaining at the $23.18 resistance on its way. Investors in RIOT stock need to wait for any directional change over the daily time frame chart.

Riot stock price was trading at $18.38 and has lost 0.49% of its market capitalization during the day’s trading session. Moreover, trading volume was below average and needs to grow during Monday’s trading session. This demonstrates that buyers may come forward to the rescue of RIOT stock on Monday’s trading session.

Will Riot Stock Price Start Gaining From Monday?

Riot stock price consolidated inside the horizontal range-bound area from April and finally managed to skip the consolidation in July. However, RIOT share price rose till the $20.64 recovery level and slipped. Now, analysts believe that RIOT stock price may get support from the current level for a rebound. Meanwhile, RIOT shares recovered above the 20, 50, 100 and 200-days daily moving averages.

Moreover, Riot stock price has gained 56.43% in a month and 62.22% in the last three months. Also, Riot shares soared around 195.02% in the last six months and 426.65% year to date. This confirms the facts regarding RIOT share’s maximum recovery during 2023. In addition, RIOT share price increased around 133.55% in a year. 

Riot Platforms Inc (NASDAQ: RIOT): Technical Analysis Narrates a Different Side of story!

Riot stock price has gained significantly after leaving from the consolidation phase. However, RIOT shares have been slipping as it couldn’t sustain above the $20 recovery level. Technical indicators suggest the return of Riot stock from the overbought territory.

Relative strength index showcases the downtrend momentum of RIOT shares. RSI was at 68 and has returned from the overbought territory. MACD exhibits the sustainability issues of Riot share price. The MACD line is trying to remain above the signal line after a positive crossover.

Investors in Riot Platforms Inc. (NASDAQ: RIOT) need to wait for any directional change to expect a rebound from the Riot share price.

Summary 

On July 5, Riot stock price broke out of its consolidation phase and has since gained $20.64. This rise may continue in the direction of $25. However, the RIOT share price fell after rising to the $20.64 recovery level. In addition, the price of Riot’s stock rose 56.43% in a single month and 62.22% over the previous three. Technical indicators point to Riot stock’s departure from overbought territory. Investors in Riot Platforms Inc. must wait for a shift in trend before expecting a rise in the price of Riot stock.

Technical Levels

Support Levels: $17.30 and $17.00

Resistance Levels: $21.00 and $23.18

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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