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- Rivian share price is looking sideways amid a bullish trend.
- The digital asset is staying above the 20 and 50 day exponential moving averages on the daily price chart.
- In a letter dated Friday, October 28, NASDAQ:RIVN was up 0.06% in price to $34.48.
Rivian Automobile Inc. is implementing its products day by day. Recently they launched the Rivian R1T electric pickup truck. However, the online automotive industry Edmunds has been reviewing this truck for the past five months. After 5,000 miles he talked about positive first impressions of the pickup truck. Which turned out to be a positive sign for the Rivian share price.
Rivian stock price has been underperforming since hitting its all-time high of $179.47. In the month of October, the price seems to be in recovery mode for the past two weeks. This price increase occurs as the bulls found support near the key $30 level. Buyers have successfully reversed the bearish trend several times over the past two months.
Undoubtedly, Rivian automobile is focusing on the assets as last year’s data says that total assets spiked by and reported at $22.29 Billion, as well as, the liabilities reported at $2.78 billion. Return on asset (ROA) ratio is 19.6% in 2021.
In terms of the daily price chart, bulls prevented themselves from sharp sell-off near $30 support. As a result, Digital assets stay above the 20 and 50 day exponential moving averages as of now. For upcoming trading sessions, the 100 EMA stood to be the next bullish hurdle. Buyers need to gothrought Rivian stock price higher this.
This is the second bullish weekend of Rivian stock price, it’s up 8.02% this week. The average directional index (ADX) is painting lower-low, decent growth in stock value.
The daily RSI sticks at 54 level, showing positive indication for Rivian stock price. Furthermore, MACD continues moving higher after bullish crossover, along with higher-highs histograms.
Conclusion
The Rivian stock price struggles just below the 100 day exponential moving average amideast rebound. Above 100 EMA, digital assets are likely to move higher by 12% until $40 next resistance zone.
Support level – $30 and $25
Resistance level – $40 and $50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
