Riot Blockchain Inc. (NASDAQ:RIOT) shares are trading lower Tuesday. The stock is likely moving lower alongside the cryptocurrency market.

Many cryptocurrencies are moving down following the leaders of the market Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

Riot Blockchain was down 6.6% at $32.14 at time of publication.

See Also: What's Going On With Crypto Today? Bitcoin Rejected At Major Resistance, Crashes Market

Riot Blockchain Daily Chart Analysis

• The stock looks to have formed a higher low and is potentially beginning to form into what technical traders call an ascending triangle pattern.
• The $40 price level is an area where the stock has struggled to cross above in the past. The higher low trendline has been holding as support for a time and may continue to in the future.
• The stock crossed below both the 50-day moving average (green), and the 200-day moving average (blue) Tuesday, indicating the sentiment in the stock is likely turning bearish.
• Each of these moving averages may hold as a potential area of resistance in the future.
• The Relative Strength Index (RSI) took a dive lower today and moved down to 40 on the indicator. This shows a large amount of selling pressure entered the stock Tuesday and there are now more sellers than buyers.

What’s Next For Riot Blockchain?

Bullish traders are looking to see the stock bounce at support and head higher toward resistance. Bulls would then like to see the stock break above resistance and be able to consolidate above the level.

Bears want to see the stock continue to trade below the moving averages and hold below them to maintain bearish sentiment. Bears would also like to see the stock drop below the higher low trendline for a possible change in trend.