- The company’s stock price fell by 9.01% in the last trading sessions.
- RIOT’s stock price fell due to numerous reported job openings in the US in August 2023.
Riot Platforms Inc. (NASDAQ: RIOT) is a vertically integrated firm focused on Bitcoin mining. The company specializes in providing specialized cryptocurrency mining computers and is dedicated to continually improving its Bitcoin mining capabilities to support the Bitcoin blockchain.
Riot Platforms Inc. (RIOT) Stock Price Analysis
The RIOT stock price faced a decline of 9.01% since the last trading session and is currently trading at $8.78. The current market capitalization of the company is around $1.67 Billion and trades with an average 10-day trading volume of $17.238 Million.
Bear Market to Continue In 1-Day Chart of RIOT Stock
In the recent two trading sessions, the price has declined by 13.50% after retesting the trendline and the horizontal resistance level of $10.10. It formed a shooting star candle at the time of retesting both the trendline and the $10.10 level.
In the last trading session, the price formed a big bearish candle that engulfed the previous few candles. This indicates the strong sellers’ presence at that level.
The 50 and 100 EMAs have recently shown a crossover and are trading above the price. This indicates that the bearish momentum will continue in the upcoming trading session.
The RSI has again started to slope in the downward direction but is heading towards the oversold territory. This indicates that the price could fall to a certain level and then a short-term recovery could be seen.
The RIOT stock price can fall to its immediate support at $7.50 as it has formed a strong bearish candle at the $10.10 level. If the price also breaks below $7.50 it will fall to its next support at $5.20. However, for the price to gain bullish momentum it must reclaim the $10.10 level and sustain above it. After this, it can reach its next resistance level at $12.50.
Conclusion
Riot Platforms Inc. stock is currently bearish. The price has recently formed two back-to-back strong bearish candles after retesting the $10.10 level. The technical analysis and technical indicators are pointing towards continued bearish momentum in the upcoming days. Consequently, the price could be seen reaching its support at the $7.50 level. If it also breaks below the $7.50 support level, then it may continue its fall to the $5.20 level.
However, for the price to gain bullish momentum, it must reclaim the $10.10 level and it may then rise to its resistance level at $12.50. This could be a bit difficult for now as the sellers are currently very active in the current scenario.
Technical levels
Resistance Levels: $10.10 and $12.50.
Support Levels: $7.50 and $5.20.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading comes with a risk of financial loss.