Riot Platforms' share price defies gravity while Bitcoin is sleeping

• The share price of Riot Platform has risen to the highest level since April 2022.

• This rally takes place, while Bitcoin remains at $ 30,000.

The share price of Riot Platforms has already made a bullish outbreak bitcoin is still in a deep consolidation phase. The share has increased in the last three days in a row and has now been on the highest level since April last year. Overall, the shares have increased by more than 430 % compared to the low of last year.

The mining stocks are doing well

riot platforms, formerly known as Riot Blockchain, is one of the world's largest Bitcoin mining companies. Therefore, like other mining companies, the company earns money when BTC is doing well.

Bitcoin did well this year because its price has increased by more than 90 % this year. However, the demand for Bitcoin has recently decreased, while the price is still above the important point of $ 30,000. The Bitcoin liquidations have also declined sharply in the past few days.

Therefore, the Riot Platforms share price increases for two main reasons. First, some analysts are still optimistic about Bitcoin. I wrote Analysts from Standard Chartered assumed that BTC will reach $ 120,000 by 2024. In a separate report, Tim Draper, a billion-dollar investor, said that he would expect BTC to increase to over $ 325,000 in the coming years.

Secondly, investors believe that Riot will increase his mining capacity in the coming months. The company recently acquired 33,000 Bitcoin miners for $ 163 million. So how high can the riot share rise?

forecast on the share price of Riot Platforms

If we look at the daily chart, we see that the riot share price has been in a strong upward trend in the past few months. This rally culminated in the fact that the shares jumped over the important resistance brand of $ 14.37, the previous year.

The share price of Riot Platform has also moved over the sliding 25-day and 50-day average, while the Average has increased direct index (ADX) to 26.50. An ADX value over 20 is a sign that the upward trend will continue.

Although a decline is possible, there is therefore the probability that the course of the Riot share will continue to increase, since buyers strive for the level of resistance at $ 20. A movement of over $ 20 opens up the possibility that the share will increase to $ 23.60 (high from March 22nd).