Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Riot Platforms stock (NASDAQ: RIOT) witnessed profit booking ahead of earnings.</a> </li> 
 <li> <span>2</span> <a>RIOT stock price retrace down toward the 50-day EMA.</a> </li> 
 <li> <span>3</span> <a>Riot Platforms Inc. scheduled quarterly earnings on August 9, 2023.</a> </li> 
</ul> 
<p>Riot Platforms stock price (NASDAQ: RIOT) corrected 20% after hitting the 52-week high. It witnessed profit booking before the release of quarterly earnings.&nbsp;</p> 
<p>Riot stock price sustains above the 50-day and 200-day EMA showcase the positional trend is in the upward direction. The stock has rallied a lot in the past few months so prices lacked momentum.&nbsp;</p> 
<p>Riot stock retracing down to test the EMA which is likely to act as immediate support. At the beginning of July, Riot Platforms’ stock broke out of the $14.00 hurdle with a strong buying volume.&nbsp;</p> 
<p>It grabbed attention of the long-term investors and prices began to rise by forming higher high candles. It rallied 40% (approx.) in the short span of time and hit a 52-week high at $20.65.&nbsp;</p> 
<p>Later, Riot stock enters consolidation in a narrow range near the supply zone. Buyers failed to give the follow-up momentum and witnessed minor profit booking.&nbsp;</p> 
<p>Riot Platforms’ stock price closed the previous session at $16.32 with an intraday decline of -4.62%. The market capitalization stands at $2.91 Billion.</p> 
<h2 class="wp-block-heading" id="strong-will-riot-platforms-stock-bounce-back-or-decline-further-strong"><strong>Will Riot Platforms Stock bounce back or decline further?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh6.googleusercontent.com/mZmCTAyQWzirivH2lzuvsZaKuoMr284wdZC8BjtAE-WAtcMiDLJ6197KawTyAaK_j9iRh6f6EPQtsc7b8ZC59zwAojm19fLmA7f2j5NKnR57nDOSYI7pQkGtXmv3kaWSQTncjBlk4P7JMVWCH3bkOw" alt="Riot Platforms Stock: Will RIOT Stock Reach $20 after Earnings?"> 
  <figcaption class="wp-element-caption">
    NASDAQ: RIOT daily chart by <a href="https://www.tradingview.com/x/dxrW1HtM/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>Riot Platforms Stock (NASDAQ: RIOT) is in an uptrend and performed well in the past few months. The <a href="https://www.thecoinrepublic.com/2023/07/31/will-the-momentum-in-nasdaq-riot-stock-price-make-it-hit-23/" target="_blank" rel="noopener noreferrer nofollow">stock price</a> is in a bullish grip and the downside is limited.&nbsp;</p> 
<p>Riot Platforms Inc is expected to release its quarterly earnings on August 9, 2023. Market analysts estimate an EPS of -0.20 and a revenue estimate of $84.636.&nbsp;</p> 
<p>If the company succeeds to beat the estimate then the stock prices might react positively. Moreover, the possibility of bouncing back will also increase. The technical analysis suggests that RIOT <a href="https://www.thecoinrepublic.com/2023/07/31/will-the-momentum-in-nasdaq-riot-stock-price-make-it-hit-23/" target="_blank" rel="noopener noreferrer nofollow">stock</a> is near the support and buyers will try their best to bounce back.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-riot-stock-is-in-short-term-correction-phase-strong"><strong>RIOT Stock is in short-term correction phase</strong></h3>  
<div class="tradingview-widget-container">
  &nbsp;&nbsp; 
 <div id="tradingview_63924"></div> &nbsp;&nbsp; 
 <div class="tradingview-widget-copyright"> <a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow" target="_blank"><span class="blue-text">Track all markets on TradingView</span></a> 
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<p>RIOT stock price fell 5% approx in the current week and formed a bearish candle. The stock is in the short-term correction mode. The next direction might be visible after the release of earnings.&nbsp;</p> 
<p>The MACD curve displayed a sharp negative crossover sloping down. The histogram bar declines and indicate sellers are getting active. The RSI at 47 reversed down from the overbought territory short-term retracement.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>Riot Platforms Stock (NASDAQ: RIOT) witnessed profit booking after hitting a 52-week high. However, the RIOT stock is near crucial support and earnings are also scheduled for tomorrow. So, be prepared for a sharp rise or decline in the stock.</p> 
<h5 class="wp-block-heading"><strong>Technical levels</strong></h5> 
<ul> 
 <li><strong>Resistance levels:</strong> $20.00 and $22.00</li> 
 <li><strong>Support levels: </strong>$14.00 and $10.00</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Riot Platforms Stock: Will RIOT Stock Reach $20 after Earnings?

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