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- 1 Sofi Technologies Inc (NASDAQ: SOFI) uses Artificial Intelligence to effectively transform the lending process and offer low rates to customers.
- 2 Sofi stock price down by 3.63% on the weekly basis
- 3 Sofi stock price is stuck between 50 and 200 day EMA
Sofi Technologies Inc operates an innovative fintech business which offers various services from student loan financing to mortgages and even wealth management services. What makes a Sofi business model different from its peers is the use of AI to efficiently transform the lending process, offering low rates to customers and more saving potential. Sofi also leverages the customer data using AI based technology which is definitely an edge in fintech business.
Sofi Technologies Inc (NASDAQ: SOFI) stock price is trading with mild bearish cues and bears are trying to pull the prices below the 50 day EMA to create more fear and to damage the portfolio of long term investors. In the previous session NASDAQ: SOFI stock price closed at $6.38 with the intraday loss of 2.60% and market cap stood at $5.102B
Will SOFI Stock price rebound in coming months?
Sofi Technologies Inc (NASDAQ: SOFI) stock price has formed a double bottom bullish reversal pattern and bulls have also broken out of the neckline hurdle indicates that confidence of the buyers is returning back and investors are expecting rebound in coming months.
In the mid of January, Sofi stock price took U-turn from the 52 week low and has managed to climb above the 50 day EMA which triggered the positive sentiment and prices shot up 65% approx in the short span of time. Later, In February Sofi succeeded to beat the Q4 estimates and market celebrated by breaking out of the 200 day EMA and turned the positional trend in the direction of the bulls but unfortunately prices took halt at $8.00 and failed to give the follow up momentum.
Sofi stock bulls have tried their best to sustain the price above the 200 day EMA but sadly overall market sentiment turned negative and slipped below the EMA. However, the prices are approaching the support zone at $6.000 and expected to see sort of consolidation before deciding the further direction. On the other hand, if market sentiment remains negative then bears might try to drag the prices below the $6.00 level which can create trouble for the long term investors.
The technical indicators of the Sofi stock like MACD has generated a negative crossover indicating bearishness to continue for some more time and the RSI at 48 sloping down shows that sellers are more active as compared to buyers.
Summary
Sofi Technologies Inc (NASDAQ: SOFI) stock price is struggling to reclimb above the 200 day EMA but till the overall market sentiment remains negative the probability of rebound in the Sofi prices is low. However, prices are near to the support level and may see some sort of consolidation before deciding the further direction.
Technical levels
Resistance levels : $8.27 and $10.00
Support levels : $6.00 and $4.26
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.
