Riot Platform’s stock has risen to its highest level since April 2022.
This rally is happening as Bitcoin is stuck at $30,000.
Riot Platforms stock price is Bitcoin Still in the deep integration stage. Shares have risen for the past three days and are now trading at their highest level since April last year. Overall, the stock is up more than 430% from its low last year.
Mining stocks doing well
Riot Platforms (previously known as Riot Blockchain) is one of the largest Bitcoin mining companies in the world. Therefore, like any mining company, the company makes a profit when BTC performs well.
Bitcoin has done well this year, with prices soaring by more than 90%. However, while demand for bitcoin has eased recently, its price has remained above the key point of $30,000. Bitcoin liquidations have also dropped sharply in recent days.
So Riot Platforms’ stock price is up for two main reasons. First, some analysts are still bullish on Bitcoin.I I have written Standard Chartered analysts expect BTC to reach $120,000 by 2024. Billionaire investor Tim Draper said in a separate report that he expects BTC to surge above $325,000 in the next few years.
Second, investors believe Riot will increase its mining capacity in the coming months. The company recently acquired 33,000 Bitcoin miners for $163 million. So how high will RIOT stock go?
Riot Platforms stock price forecast
Looking at the daily chart, we can see that RIOT’s stock has been on a strong upward trend over the last few months. The rally culminated above the previous year-to-date high of $14.37, a key resistance for the stock.
Riot Platform’s share price also rose above its 25-day and 50-day moving averages, with the Average Directional Index (ADX) rising to 26.50. An ADX reading above 20 indicates a continuation of the bullish trend.
Therefore, despite a potential pullback, RIOT’s stock may continue to rise as buyers target the $20 resistance level. Above $20, the stock will likely rise to $23.60 (the March 22 high).