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ThecoinrepublicMarketSoFi Technologies, Inc. (NASDAQ:SOFI) Analysts Believe SOFI...
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SoFi Technologies, Inc. (NASDAQ:SOFI) Analysts Believe SOFI Stock Price may Surge Till $10 in 2023!

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  • Sofi Technologies Inc. (NASDAQ:SOFI), Sofi stock price has been trading inside an interesting falling pattern over the daily time frame chart.
  • SOFI stock has been a hot pick for individual investors as individual investors hold around 47% of stakes as compared to 37% which is held by institutions.
  • SOFI share price trading in a make-or-break condition as it trades near the upper trendline.

Sofi Technologies, Inc. (NASDAQ:SOFI), Sofi stock price needs to attract more buyers during the day’s trading session for the share price to surge out of the falling wedge pattern over the daily time frame chart. SOFI share price must hold buyers to register its breakout from the falling pattern. Meanwhile, some traders believe the SOFI stock to be a penny stock but SOFI shares hold some strong potential and may surge above $5.00 registering its breakout from the falling wedge pattern over the daily time frame chart. However, SOFI share price has recovered till 20 and 50-EMA and is thriving to surge towards 100 and 200-days Daily Moving Average as soon as SOFI share price surges out of the falling wedge pattern.

Sofi stock price was trading at $4.82 and has gained 7.11% of its market capitalization during the day’s trading session. Meanwhile, trading volume has also grown at a significant rate above average. 

Sofi Share Price
Source: TradingView

Sofi stock price has been falling through a falling wedge pattern and is finally trying to surge towards the upper trendline of the pattern. Buyers need to maintain the current accumulation rate for SOFI share price to break out of the falling wedge pattern. Meanwhile, volume change can be seen above average showcasing the current accumulation rate of buyers during the day’s trading session. 

Sofi Stoke: Ownership Distribution Chart

Sofi Share Price
Ownership Breakdown

When reporting to their own investors, institutions frequently compare their performance to a benchmark, therefore they frequently get more enthusiastic about a company after it is included in a significant index. Most businesses should have some institutions listed on the register, especially if they are expanding.

As you can see, SoFi Technologies is a company that institutional investors have a large investment in. This suggests that the stock has been examined by the analysts employed by those institutions, and they like it. They could be mistaken, just like everyone else, though. If two sizable institutional investors attempt to sell out of a stock at the same time, it is not unusual to witness a significant decline in the share price. Therefore, it is worth keeping in mind and checking about the holdings of different institutions to get a better idea of any type of stock price and predict more precisely and accurately. However, there are many other parameters you must focus on to get a better outcome and a better pick for yourself. 

Will Sofi Stock Price Continue its Upward Trend? – Exclusive Technical Analysis

Sofi Share Price
Source: TradingView

Technical indicators suggest the strong uptrend momentum of SOFI stock price over the daily time frame chart. Relative Strength Index showcases that SOFI share price is about to be overbought during the day’s trading session. RSI is at 52 and is heading towards the overbought territory. MACD exhibits the uptrend momentum of SOFI stock price. The MACD line ahead of the signal line is surging towards the positive zone. Sofi stock investors need to wait until SOFI stock price sustains at the upper trendline of the falling wedge pattern and register its breakout.

Summary   

Sofi Technologies, Inc. (NASDAQ:SOFI), Sofi stock price needs to attract more buyers during the day’s trading session for the share price to surge out of the falling wedge pattern over the daily time frame chart. Buyers need to maintain the current accumulation rate for SOFI share price to break out of the falling wedge pattern. When reporting to their own investors, institutions frequently compare their performance to a benchmark, therefore they frequently get more enthusiastic about a company after it is included in a significant index. Technical indicators suggest the strong uptrend momentum of SOFI stock price over the daily time frame chart. Sofi stock investors need to wait until SOFI stock price sustains at the upper trendline of the falling wedge pattern and register its breakout.

Technical Levels

Support Levels: $4.40 and $4.20

Resistance Levels: $5.00 and $5.8

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Andrew Smith
Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
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