RIOT Mining Stock Analysis: The Setup

Mining stocks can be brutal on the way down, but RIOT's price action is showing some encouraging signals right now. The double bottom pattern coupled with those higher highs suggests the worst may be behind us. What makes this interesting is watching miners carve out higher lows during recovery—it's always a grinding process, but it's exactly what you want to see.

Here's what's worth monitoring: RIOT could be eyeing a backtest of the 20-month Simple Moving Average, which confluences nicely with the 0.382 Fibonacci retracement level. That intersection becomes a potential zone to watch. When you see multiple technical levels aligning like that, it often marks where the smart money tests conviction.

The pattern setup remains constructive as long as RIOT holds its higher lows. It's not exciting, but it's the kind of price discipline that separates real recovery from false hope.