Riot Blockchain stock price: RIOT climbs to $4, eyes record-high it set at $4.58

Riot Blockchain Inc (NASDAQ: RIOT) shares post strong gains on Thursday.
Company announces large investment in digital currency miners.
Record-high RIOT set at $4.58 could be seen as next target.

Eren Sengezer FXStreet

After losing more than 8% on Wednesday, Riot Blockchain Inc (NASDAQ: RIOT) shares rose sharply on Thursday and gained 8.13% to close at $3.99. In premarket trading on Friday, RIOT is posting small losses at $3.95 but is still up more than 5% on a weekly basis.

RIOT stock news

Earlier in the month, the sharp upsurge witnessed in major cryptocurrencies prices provided a boost to RIOT and lifted it to a record-high of $4.58. However, after the company reported that quarterly mining revenue decreased to $1.9 million, compared to $2.4 million in the same three-month period in 2019, RIOT lost its traction and dropped all the way to $3.05 in mid-August.

On Thursday, Riot Blockchain announced that it reached an agreement with Bitmaintech PTE for the purchase of 8,000 Antminer S19 Pro Digital Currency Miners. According to Reuters, Riot will pay Bitmain approximately $17.7 million for the hardware. Moreover, Bitcoin price reached its highest level in a year at $12,486 earlier in the week and provided an additional boost to RIOT.

On the upside, a weekly close above $4 could help RIOT target $4.58 if Bitcoin price continues to edge higher. On the other hand, a selloff in major cryptocurrencies in the near-term could hurt RIOT and drag it to August low of $3.05. Below that level, the 50-day SMA could be seen as the next support at $2.8.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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