Will RIOT Stock Rise From the Ashes For $20 Mark?

RIOT stock may reach the $20 mark as it broke out of the primary resistance level over the daily time frame chart. Riot Platforms stock showed an interesting roller coaster ride and fell from the $20.52 recovery level. However, RIOT share price may gain towards the $20 mark if it gets the desired support from the buyers after breaking out of the primary resistance level at $10. Meanwhile, buyers need to accumulate at a higher rate in order to push RIOT shares towards its recovery phase.

RIOT stock started from the $20.52 mark in July 2023 and fell till the $8.81 mark and now may enter an uptrend to recover maximum over the charts. However, buyers’ accumulation needed to be increased for RIOT shares to surge from the current level.

RIOT stock price was at $9.33 and has lost 1.06% of its market capitalization during Friday’s trading session. Trading volume is below average which signifies the decline of RIOT shares. This demonstrates that the accumulation rate of sellers’ was not up to the mark and buyers may come forward to push RIOT shares upwards.

Will RIOT Stock Initiate its Recovery?

RIOT stock price has been stuck inside the horizontal range-bound area after slipping below the $12.62 and broke down below the $10 mark on 21st September. Now buyers need to accumulate themselves at a higher rate to push RIOT upwards. However, volume change can be seen below average which signifies the lower accumulation rate. Meanwhile, RIOT shares are below the 20, 50, 100 and 200-days daily moving averages.

RIOT stock faced a 3.32% decline over the past week and a drop of 22.38% within the month. Additionally, it experienced a 22.76% loss in the last three months but managed to gain 0.86% over the past six months. Year-to-date, RIOT Platforms stock has shown a remarkable recovery, rising by 167.34%.

Technical indicators suggest that RIOT stock is currently in a consolidation phase, with the relative strength index (RSI) indicating sideways momentum. The moving average convergence divergence (MACD) also highlights the consolidation phase of RIOT.

With the RSI at 35, it hovers flatly just above the oversold territory. While the MACD line is slightly above the signal line, the difference is minor. Investors considering Riot Platforms Inc. (NASDAQ: RIOT) should consider waiting for the RIOT stock price to reach the primary resistance level and confirm a breakout before making decisions.

Summary

RIOT stock is poised to potentially breach the $20 threshold, breaking through the primary resistance level on the daily chart. In July 2023, RIOT stock began at $20.52, experienced a decline to $8.81, and is now on the verge of a substantial upward trend for maximum recovery. However, the lower-than-average trading volume suggests decreased accumulation. Technical indicators indicate that RIOT stock is currently in a consolidation phase.

Technical Levels

Support Levels: $9.02 and $8.80
Resistance Levels: $10.03 and $10.45

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.