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- Canoo Stock price has seen a drop of more than 60% from its all time high.
- Technical indicators are favoring an upside trend. It is currently trading near $1.19
Canoo Inc specializes in the development and production of electric vehicles (EVs) and related technologies. Goev has been gaining attention in the market due to the growing demand for EVs. With governments around the world promoting the use of electric vehicles to reduce carbon emissions, the market for EVs is expected to grow significantly in the coming years. Canoo Inc. is well positioned to take advantage of this growth, with a strong portfolio of EV models and a state-of-the-art manufacturing facility.Investors are also attracted to Goev Inc. due to its strong financials. Canoo Inc has seen a drop in their earnings due to decrease in demand for EV vehicles.Various analysts are expecting a strong in the near future.
GOEV has a market cap of 410.5 Million and is down by 60% from its 52 week high. It has a negative EPS but can see strong financials in the future. The EV market is highly competitive, and there are several established players in the industry but Canoo Inc has put a mark in this market.
Bulls Of GOEV Stock Are Favoring Upside
GOEV stock has been in a consolidated trend but is ready for an upside momentum. The weekly technical chart of the GOEV suggests a consolidated trend in price. On the daily chart it is trading near the value of $1.19 with a gain of 8%. The upside momentum of the asset price can see a halt near $0.8. Meanwhile the support of the GOEV stock can be seen near $2. It is currently trading below the 50 and 100 Daily Moving Average. There can be a positive crossover which can push the asset to a new high. GOEV stock price is consolidating in the 4 hour chart. It can see a formation of the strong bullish candle which can push the asset price to a new high.
Conclusion
Canoo stock has taken a hit due to drop in EV demand. GOEV stock price is currently in a consolidated trend but can see a new high in the future.
Technical Levels
Major Support:$0.8
Major Resistance:$2
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.
