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- EVgo stock price left the rising parallel channel and consolidated while analysts speculate EVGO to surge from $6.05 and $10.00.
- EVgo Inc (NASDAQ: EVGO) stocks have experienced quite a good surge from the start of 2023.
- Investors in EVGO stocks need to wait until the EVGO share price starts surging towards the $7.50 primary resistance level.
EVgo stock price has slipped below the rising parallel channel and is sideways aside of the parallel channel. EVGO share price needs to grow in order to recover itself towards $10 recovery level. Meanwhile, EVGO Inc has been facing some issues regarding its business model and need to figure out some ways in order to be stable among the market leaders of EV.
The Electric vehicle market has been booming lately, while LUCID, Rivian and the most expandable one Tesla. EVGO has been continuously trying to register its dominance among all other EV accessories manufacturers. EVGO share price might outgrow itself during 2023 says analysts.
EVGO stock price was $6.26 and has lost 0.48% of its market capitalization during Thursday’s trading session. EVGO needs to start recovering from the opening of Friday’s trading session.
EVgo Inc’s stock price has been consolidating after leaving the rising parallel channel on 9th February. EVGO stock price needs to attract more buyers during the intraday trading session. Reports suggest that EVGO share price has gained significantly during January 2023 with 2.79% recovery rate.
Analysts believe that EVGO share might surge towards $10 by mid 2023. EVGO share price has surged around 32.63% Year to Date. Meanwhile, EVGO share price has been trying to sustain at 20, 50 and 100-days Daily Moving Average in order to recover towards its 200-day DMA.
Will EVGO Stock (NASDAQ: EVGO) Reach $10?
Technical indicators suggest the consolidation phase of EVGO shares over the daily time frame chart. Relative strength index showcases the sideways momentum of EVGO stocks. RSI is flat above neutrality and might break down below if sellers approach.
MACD exhibits the downside trend of EVGO shares. The MACD line is below the signal line after a negative crossover. Investors in EVgo Inc need to wait until the share price breaks out of the primary resistance level of $7.50.
Summary
EVgo stock price has slipped below the rising parallel channel and is sideways aside of the parallel channel. EVGO share price needs to grow in order to recover itself towards $10 recovery level. Analysts believe that EVGO shares might surge towards $10 by mid 2023. EVGO share price has surged around 32.63% Year to Date. Technical indicators suggest the consolidation phase of EVGO shares over the daily time frame chart. Investors in EVgo Inc need to wait until the share price breaks out of the primary resistance level of $7.50.
Technical Levels
Support Levels: $6.05 and $6.00
Resistance Levels: $7.50 and $10.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes 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.
