NEW YORK – Shares of the Bitcoin mining company Riot Platforms, Inc. (NasdaqCM: RIOT) are experiencing a significant rally in early trading today, capitalizing on strong bullish momentum. The stock is currently trading at 0.57, or 5.06%, as of 10:01 AM EDT.
The trading day for RIOT began with a powerful upward thrust. After closing the previous session at $11.27, the stock opened higher at 11.99**. This peak brought the stock right to the brink of the key psychological resistance level of $12.00 before experiencing some minor profit-taking.
Investor enthusiasm is evident, with trading volume already exceeding 6.6 million shares within the first 30 minutes of the market opening. This active trading underscores the strong interest driving the stock’s performance this morning.
Should You Buy or Sell RIOT Stock Today?
The stock’s impressive rally presents traders with a classic momentum scenario.
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For Potential Buyers: The trend is clearly bullish. However, the $12.00 level has so far acted as a ceiling. A conservative strategy would be to wait for a decisive breakout and hold above $12.00 before entering a new position. Buying after a 5% run-up carries the risk of entering at a short-term top.
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For Existing Shareholders: Today’s move toward $12.00 is an excellent opportunity to review your position. Taking some profits off the table near this resistance level could be a prudent move. Alternatively, investors who are bullish on the outlook for Bitcoin and crypto miners may choose to hold, anticipating a potential break to higher levels.
Our Opinion on the Stock
Riot Platforms has demonstrated significant strength out of the gate, likely influenced by broader positive sentiment in the cryptocurrency markets. The critical test for the stock for the remainder of the day will be its ability to conquer the $12.00 resistance level.
A successful and sustained break above this mark could open the door for a continued rally, potentially putting the stock on a path toward the 1-year analyst target estimate of $16.00. However, if sellers continue to defend the $12.00 level, the stock may consolidate or pull back to find support at a lower price.
