JPMorgan Upgrades Riot Platforms Stock Rating. Idea 21/03/2024
Investment analysts at JPMorgan have upgraded Riot Platforms Inc.'s stock rating from "Neutral" to "Overweight" and set a target price of 15.00 USD. This adjustment is based on the anticipated significant growth in Riot Platforms' hash rate, a key performance indicator in the cryptocurrency mining industry.
Riot currently operates with a hash rate of 12.4 EH/s at its 700 MW facility in Rockdale. The company aims to activate nearly 20 EH/s at a new 1 GW facility in Corsicana within 2024. This expansion is expected to enhance the efficiency and profitability of the company's mining operations.
Therefore, let's delve into the technical analysis of Riot Platforms Inc.'s stocks.
On the D1 timeframe, a support level was established at 10.60 USD, with resistance at 12.20 USD. There is a noticeable deceleration of the downward trend and the formation of a relatively narrow channel between the resistance and support levels, with a confident rebound from the mid-January 2024 support levels.
In the H1 timeframe, long positions may be interesting upon breaking through the 12.20 USD level, with a 13.71 USD short-term target. From a medium-term perspective, holding a long position of up to 15.02 USD could be considered.
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Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Riot currently operates with a hash rate of 12.4 EH/s at its 700 MW facility in Rockdale. The company aims to activate nearly 20 EH/s at a new 1 GW facility in Corsicana within 2024. This expansion is expected to enhance the efficiency and profitability of the company's mining operations.
Therefore, let's delve into the technical analysis of Riot Platforms Inc.'s stocks.
On the D1 timeframe, a support level was established at 10.60 USD, with resistance at 12.20 USD. There is a noticeable deceleration of the downward trend and the formation of a relatively narrow channel between the resistance and support levels, with a confident rebound from the mid-January 2024 support levels.
In the H1 timeframe, long positions may be interesting upon breaking through the 12.20 USD level, with a 13.71 USD short-term target. From a medium-term perspective, holding a long position of up to 15.02 USD could be considered.
—
Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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