RIOT Stock Poised to Surge Amidst Crypto Market Rally
After Bitcoin’s recent surge to an 18-month high, the cryptocurrency market is experiencing a bullish momentum. This rally is not only benefiting digital assets but also crypto-related stocks, particularly those of publicly listed Bitcoin mining companies. One such company that stands to benefit is Riot Blockchain (NASDAQ: RIOT), the largest public crypto mining company.
Chartist Predicts Destruction of Short Sellers and RIOT Stock Surge
A popular chartist known as BACH has boldly declared that crypto mining stocks, including RIOT, are set to “destroy short sellers.” In an analysis post, BACH pointed out that RIOT’s shares are on the verge of breaking out of a long-term descending trend line from the previous bull market peak in 2021. This breakout could lead to a significant price jump for RIOT stock.
Positive Indicators and Bullish Trading Patterns
BACH highlighted positive indicators for RIOT stock, including the formation of a cup-like pattern on the relative strength index (RSI) and overbought conditions on the monthly time frame. Additionally, a monthly moving average convergence/divergence (MACD) indicator and a “massive pennant” on the chart suggest further bullish movement.
Riot Stock Price Prediction
BACH’s analysis leads him to be extremely bullish on RIOT’s stock price prospects. He predicts that the current cycle will propel the company’s shares to a minimum of $100, indicating a potential upside of 565% from its current price of $15.14. RIOT stock has already capitalized on the ongoing crypto bull run, surging over 17% in the past week and reaching a 4-month high.
Other Crypto Stocks to Watch
RIOT is not the only crypto stock experiencing gains. Companies like Coinbase (NASDAQ: COIN), whose share price has tripled year-to-date, and established tech giants like Nvidia (NASDAQ: NVDA) and Meta Platforms (NASDAQ: META) have also seen significant growth.
Hot Take: RIOT Stock Poised for Explosive Growth in the Crypto Market
With the ongoing crypto market rally and positive indicators for RIOT stock, it is clear that the company is well-positioned for significant growth. BACH’s prediction of a minimum $100 price target further reinforces this outlook. Investors looking to capitalize on the crypto boom may find RIOT stock an attractive opportunity.
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