Riot Blockchain (NASDAQ: RIOT) stock price is trading 2% below the $10.5 support level after breaking below it on Thursday. In July, The Bitcoin miner stock suffered a massive 50% decline after making a new yearly peak of $20.
There has been a lack of volatility in the price of Bitcoin for the last two weeks after the largest cryptocurrency fell by 11% from its August peak. RIOT shares might only experience a rebound if Bitcoin shows a significant recovery in the coming days.
Riot Platforms has reported the production of 410 bitcoins in the month of July, which is 11% lower than last month. The bitcoin mining company also reported $12.1 million in net proceeds from selling 400 BTC. The company also earned $6.4 million in power credits and $1.8 million in demand response credits.
RIOT also reiterated its aim to achieve a total self-mining hash rate capacity of 12.5 EH/s at its Rockdale facility in the second half of 2023. Side by side, the Bitcoin mining company is still restoring the 17,040 mining machines damaged in the winter storm in December 2022. RIOT Blockchain stock price is currently facing some serious headwinds due to weakness in Bitcoin prices.
The price chart for NASDAQ: RIOT shows the price slowly approaching the 200 MA, which I forecasted in my previous analysis. The stock is trading at $10.49 at press time, which is 9.9% above the 200-day moving average.
The bulls are in a tough spot as RIOT Blockchain stock price forecast is becoming bearish. In the coming days, bears may target the 200 MA which lies at $9.37 on the daily chart. This would be a more than 10% drop from current level.
In the meantime, I’ll keep sharing updated RIOT Platforms analysis and my personal trades on my Twitter, where you are welcome to follow me.
This post was last modified on Aug 28, 2023, 15:09 BST 15:09