Riot Blockchain (RIOT) – [Time To Look At It? Here’s Why]

As you know, the crypto world is fast gaining more acceptance and more and more investors are looking towards crypto currency as another source of investment asset. We won’t cover in detail the risk and all in investing in Crypto but if you’re looking to have some exposure to Crypto then such crypto related companies might be one way. Coinbase, Marathan Digital are a few such companies related to the crypto space.

Riot Blockchain, Inc., together with its subsidiaries, focuses on cryptocurrency mining operation in North America. The company primarily focuses on bitcoin mining. As of December 31, 2020, it operated a fleet of 7,043 miners.

Its price as we can see fluctuates quite a bit due to bitcoin’s prices. So do expect that RIOT will have a lot more whipsaw in the future.

As the markets are adopting more to crypto, its growth revenue is expected to grow faster than 20% per year. Its growth earnings are also expected to grow significantly over the next 3 years.

Lets take a look at the chart to see where RIOT is now

Chart Source: Tradingview.com

Riot has retraced close to 70% since its high in Feb and about 45% since its high in Nov partly due to the drop in Bitcoin prices and also negative sentiment during this period. It has actually retraced to a nice level of support of around $23.50 which is also around the horizontal support which we drew. The lower end of the support is at $22.30 and then $19.80. It is near the bottom area which we feel that it might have some value in picking up some shares at this current juncture. A break of $25.90 might see it move up to $30 then $33. It is also dependent on the Bitcoin market so if that moves up we might see a good run up for RIOT too! Keeping a close eye on this! Are you?

Yours

Humbly

Kelwin&Roy

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