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- Uber Technologies may increase the minimum pay rate for drivers in New York City. Yellow and Green Cab fares may also see a rise of 23%.
- UBER stock price is currently trading near the value of $30. Meanwhile, adjusted earnings for the same came to be $510 Million.
UBER price soared at the start of the month as their last quarter gains were announced. They have said that the revenue from SEP to NOV has risen 72% compared to the previous year. Meanwhile, the adjusted earnings came to be $516 Million, more than wall street expectations.UBER’s share price rose to $30 and has maintained its position there. They still have posted a loss of $1.2 Billion due to a fall in its stakes from overseas counterparts. This quarter has been bad for various tech giants. Meanwhile, the delivery arm of UBER has also seen very slow growth in the past few quarters.
UBER is also looking to increase the minimum pay rate of drivers. The company may increase its rate by 7.4% per minute and per miles rate by 25%. UBER health is also looking to expand its business to new heights.
Will The Losing Stake Of UBER Push The Price Down?
The weekly technical chart of the UBER is seeing a continuous downfall. On coming to the daily chart, the asset price is trading near $30 with a drop of 4.85%. The asset price currently trades above the 50 and 100 Daily Moving Averages. Resistance for the stock price can be seen near $30, and support can be seen near $24. The asset price may see strong sustainability near new highs in the future.
RSI: RSI for the stock price is near the value of 56, suggesting its presence in the oversold zone. There is a downside slope suggesting a bearish momentum in price.
Conclusion
UBER has seen strong growth in the past few quarters. It has also seen a loss of stake from its overseas competitors. The stock price may see a new high in the future.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
