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- EVgo Inc (NASDAQ: EVGO) stocks has been preferred by buyers lately, EVGO stock price is said to increase maximum during 2023, says analysts.
- EVGO share price has been soaring through an interesting ascending pattern over the daily time frame chart.
- As of August 2022, there were more than 850 charging places within the EVgo network of DC fast charging stations for electric vehicles in the United States.
EVgo Inc (NASDAQ: EVGO) has been preferred by the buyers as the EVGO stock price is trying to surge through the inclining parallel channel. EVGO stock price has been trading inside the rising parallel channel after escaping the descending streak in January 2023. EVGO share price has been slipping from August 2022 as sellers have been continuously raiding the EVGO stocks.
EVGO share price managed to gather support at $3.65 support level and is currently trying to recover itself with an ascending parallel channel pattern over the daily time frame chart. Analysts speculate that EVGO stock price might recover towards $10 valuation through this recovery phase by mid 2023.
EVGO stock price was at $6.58 and has gained 0.69% of its market capitalization during the day’s trading session. EVGO share price has been preferred by the buyers with around 1.095M of volume till date.
EVGO stock price has been trying to recover through an ascending parallel channel over the daily time frame chart. EVGO share price started its declining trend in August 2022 after testing the $12.68 peak and dragged with strong downtrend momentum over the daily time frame chart. However, EVGO stocks got support at $3.63 support level (in Demand Zone) in January 2023. This is the reason analysts speculate EVGO shares to recover maximum during 2023 and it may recover till $10 by mid 2023.
EVGO share price has recovered above 20 and 50-EMA while trying to sustain at 100-days Daily Moving Average to reach the 200-days DMA.
EVGO stock price has declined around 3.58% during last week. However, EVGO has gained tremendously in the last month with the recovery rate of 68%. This is said to be the great start of 2023 for EVGO stocks as it is finally trading inside a recovery pattern over the daily time frame chart.
Will EVGO Stock Price Maintain This Recovery?
EVGO stock price has been recovering through an interesting ascending parallel channel over the daily time frame chart. Technical indicators suggest the uptrend momentum of EVGO share price.
Relative Strength Index showcases the uptrend momentum of EVGO share price. RSI was at 59 and is heading towards the overbought territory. MACD exhibits the upside trend of EVGO stocks. The MACD line is trying to remain above the signal line. Investors in EVGO stocks might witness maximum recovery of EVGO shares during 2023.
Summary
EVgo Inc (NASDAQ: EVGO) has been preferred by the buyers as the EVGO stock price is trying to surge through the inclining parallel channel. EVGO share price has been trading inside the rising parallel channel after escaping the descending streak in January 2023. EVGO share price has recovered above 20 and 50-EMA while trying to sustain at 100-days Daily Moving Average to reach the 200-days DMA. Technical indicators suggest the uptrend momentum of EVGO share price. Investors in EVGO stocks might witness maximum recovery of EVGO shares during 2023.
Technical Levels
Support Levels: $6.00 and $5.65
Resistance Levels: $7.20 and $10.00
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.
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.
