NEW YORK – Shares of Bitcoin miner Riot Platforms, Inc. (NasdaqCM: RIOT) are extending their powerful morning rally, blowing past key resistance levels on heavy investor interest. The stock is currently trading at 0.85, or 7.55%, as of 10:39 AM EDT.
Building on its strong open, RIOT has continued its relentless climb throughout the morning. The stock, which opened at $11.50, successfully broke through the critical psychological barrier at 12.18**. This breakout is a significant technical event that has captured the attention of momentum traders.
The rally is supported by immense trading volume, which has already surpassed 13.6 million shares. This level of activity, happening in just over an hour of trading, indicates strong conviction and broad participation from buyers.
Should You Buy or Sell RIOT Stock Today?
The decisive breakout above $12 has changed the intraday dynamic for the stock.
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For Potential Buyers: The break above the $12.00 resistance is a strong bullish signal, suggesting that the path of least resistance is now higher. This level may now act as a new support floor. While the momentum is very strong, entering after a 7.5% rally requires caution. A potential strategy could be to look for an entry on any small pullback toward the new $12 support level.
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For Existing Shareholders: This is a very positive development. The breakout confirms the morning’s strength and could signal further upside. Shareholders may choose to hold their position to capitalize on the continued momentum. For those with a shorter-term outlook, taking partial profits after such a strong move is a sound risk management strategy.
Our Opinion on the Stock
The technical picture for Riot Platforms has improved dramatically this morning. The decisive move above $12 on high volume is a classic bullish breakout. The stock is now in “blue-sky” territory on an intraday basis, with clear momentum on its side.
The key for the rest of the session will be for the stock to hold its gains above the new $12.00 support level. If it can successfully consolidate above this area, it could set the stage for a continued run toward higher price targets, bringing the 1-year analyst estimate of $16.00 more firmly into view.
