The shares of the Riot Platforms Inc. have gone up more than 47% in the past month, as well as 13.81% higher on Wednesday. It's almost twice the gain that's been registered byBTCUSD during the period.
What Happened: The stock gained popularity after the company announced in early March that it produced 675 BTC, an increase of approximately 55% compared to the February 2022 production of 436 BTC.
As of February 28, 2023, Riot held approximately 7,058Bitcoins - all produced by the company's self-mining operations. The company said it sold 600 Bitcoins, generating net proceeds of approximately $14.2 million.
Resistance: The stock closed at $9.23 on Wednesday. Open interest accumulation seen in out-of-the-money call options expiring Friday shows that Riot Platforms' shares are witnessing a stiff resistance at the $9.5 level. Options expiring on April 21 indicate that the stock is facing resistance at the $10 level. Before inferring optimism from the stock's recent surge, a prudent step would be to analyze how the company performs in the near future.
Support: It is interesting to note that options expiring this Friday and those expiring on April 21 indicate the same support level - at the $8 mark. Professional market participants seem to hold a limited bullish stance because of the support level factored by the options market, which is 10% less than the current stock price and resistance levels close to it.
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