Riot Stock surges 12%; Is RIOT preparing for a new 52 week high?

• Riot Stock Price (NASDAQ: RIOT) surges 12% in a single day and breakout of $13.00 hurdle.
• The Riot Stock Price sustains above the 50 and 200 day showcase uptrend. 
• Riot Platforms Stock heading toward the 52 week high.

Riot Stock Price (NASDAQ: RIOT) surges 12% in a single day and forms a bullish continuation pattern. It breakout of the $13.00 hurdle level and heading toward the new 52 week high. 

RIOT Stock Price sustains above the 50 and 200 day EMA showcase uptrend. It also displayed a golden crossover which boosted the confidence of the long term investors. 

From the past few months, Riot Stock Price is consolidating in the range between $10.00 to $14.00. Finally, In previous session prices showed a strong momentum and attempted to break out of the higher range to expand upward. However, the confirmation of the breakout is still awaited. 

Riot Stock Performs well in the beginning of 2023 and generated decent returns for the long term investors. Well in the mid of April, The momentum halted near $14.00 and prices entered into short term correction. 

Riot Stock formed a strong base near $10.00 due to that sellers failed to pull the prices further down and got stuck into the range. Riot Stock Price closed the previous sessions at $13.35 with an intraday rise of 12.94%. The market capitalization stands at $2.38 Billion.

Will Riot Stock begin the new phase of rally?

Riot Stock Price tried multiple times to break the higher range and expand upward. But due to the presence of strong sellers prices got rejected and remained in the range. Therefore, until the Riot Stock Price breakout $14.00 and sustains for a few days the sellers might again try to give rejection. 

However, if the buyers succeed to break the higher range then a sharp rise is possible and a new phase of rally might begin. 

On the other hand, if the price faces rejection then bears might again try to drag the prices down to $10.00. The technical analysis suggests, Riot Stock Price is bulls grip and probability of breakout remains high. 

Will RIOT Stock hold the higher time frame averages?

RIOT Stock Price took support at the 50 week EMA and is now trying to climb above the 200 week EMA. The higher timeframe moving averages are more reliable in which investors are keeping an eye on it. 

The MACD curve generates a sharp positive crossover and histogram bars confirm the strength. The upward sloping MACD curve indicates the prices are into the bulls grip and momentum is likely to continue. The RSI curve at 65 pointing upward denotes strength as well as the confidence of bulls.

Conclusion

Riot Stock Price (NASDAQ: RIOT) surges 12% and created a positive hope for the breakout. If the breakout happens then the next phase of the rally might begin in the stock. 

The technical analysis suggests, Riot Stock Price is in uptrend and may hit 52 week high in coming weeks. 

Technical levels

Resistance levels: $14.47 and $18.64

Support levels: $10.00 and $8.00

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.