Riot stock price fell 12%, BTC decline affected blockchain stock
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- Riot stock price fell 12% in a single day after Bitcoin price fell below 29K.
- The Riot stock price showed a golden EMA crossover.
- Riot Platforms Inc (NASDAQ: RIOT ) quarterly earnings scheduled for May 9, 2023.
Riot stock price fell about 12% in a single day after Bitcoin price dropped below $29,000. Riot Platforms Inc (NASDAQ: RIOT) is a bitcoin mining company and its stock price is directly correlated with Bitcoin price fluctuations. Recently BTC price reacted negatively and witnessed minor profit booking which affected the stock.
The Rebel stock price is holding above the 50 and 200 day EMA showing that the positional trend is still in an upward direction. It also showed a golden crossover, and prices are still in the ascending channel.
Riot stock price closed the previous session at $10.52 with an intraday decrease of -12.04%. The market value is 1.76 billion dollars. In early April, the increase in volume became visible in RIOT stock and the price breakout of the $10.00 barrier. Later, prices started to rise and rose 40% in a short time.
The rally stopped at $14.43 and formed a candlestick. It shows signs of a short-term trend reversal and prices fell by forming lower lows. Currently, the stock is near the previous breakout level, and if the sell-off continues, it will raise concerns for long-term investors.
Will Riot stock price rally ahead of earnings?
The Riot share price has performed well in recent months, generating decent returns for long-term investors. Currently, the price is trending lower and consolidating near the important $10.00 support.
Riot Platforms Inc (NASDAQ: RIOT ) next quarter earnings scheduled on May 9, 2023. Market analysts estimated EPS at -0.141 and revenue estimates are $76.794 Million. If the company succeeds in meeting analyst estimates, the likelihood of a setback will increase significantly. However, if the company disappoints in its quarterly results, it could open up more downside in the stock.
Riot Stock May Recover If Bitcoin Recovers
Rebel stock prices formed bearish engulfing on a weekly time frame. It shows that sellers are more active and short-term traders are coming out at higher levels ahead of quarterly results. However, if the Bitcoin price recovers, it could positively affect blockchain and mining company stock prices.
The technical indicators like MACD had generated a negative crossover and the histogram line is falling. It indicates that prices are likely to trade with a bearish bias. RSI of 49 denotes neutral territory and an equal level of tug of war between buyers and sellers.
Conclusion
Riot stock price fell 12% in a single day and was negatively impacted after Bitcoin price dropped below 29K. However, Riot stock (NASDAQ: RIOT ) is close to the demand zone, and quarterly earnings are scheduled for May 9, 2023. Therefore, the next directional move may be visible only after the release of earrings.
Technical levels
Resistance levels: $12.12 and $14.44
Support levels: $10.00 and $7.66
Disclaimer
The views and opinions expressed by the author, or any persons mentioned in this article, are for informational purposes only. They do not constitute financial, investment or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional money exchange systems. She is also fascinated by the blockchain technology and its function.
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