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- Canoo Inc. GOEV stock price has been trying to sustain at the lower levels while it struggles to bounce back.
- GOEV share price slumped below the consolidation phase while trading below $1 respectable level.
- Canoo Inc is an American automotive startup that creates and produces electric vehicles. It is located in Torrance, California.
GOEV stock price has slipped significantly leaving the consolidation phase while there are some levels to be attained by GOEV in 2023. Canoo stock price needs to avoid fling more and start recovering back towards the lower price range of the consolidation phase to initiate its recovery phase. Analysts on the other hand believe that GOEV stock price might initiate its recovery phase if it soars above the $1 level after negating the declining streak.
However, Canoo stock price couldn’t sustain at the lower price range on 7 February and has been slipping since then. Meanwhile, buyers need to accumulate themselves to let GOEV share price recover towards the upper levels to at least be above $1.
Different experts predict that the price of GOEV stock may increase in 2023, relieving Canoo Inc. investors. According to financial analysts from a reputable financial organization, the price of the GOEV share can still rise sharply from its current low point. Nevertheless, beginning in 2022, aggressive selling pressure has been applied by buyers to the GOEV shares. Despite other EV makers struggling, companies like Tesla (TSLA) and Rivian (RIVN) are booming.
GOEV stock price (NASDAQ: GOEV) was at $0.7134 and has lost 4.69% of its market capitalization during Wednesday’s trading session. Trading volume was below average and needs to grow for GOEV shares to recover.
Canoo Inc’s stock price has been slipping after leaving the consolidation phase over the daily time frame chart. However, GOEV share price needs to start its recovery phase in order to achieve a higher place on the daily time frame chart.
GOEV stock price (NASDAQ: GOEV) might reach $5 by the end of 2023, says analysts. Only if GOEV share price follows the plan of breaking out from the consolidation phase and recovering itself with a strong rally during 2023.
GOEV share price has dipped below the 20, 50, 100 and 200-days Daily Moving Average.
GOEV Stock Price To Recover Max during 2023 – Fib Retracement
GOEV stock price might attain some exciting levels during 2023 reflects Feb-Retracement:
GOEV stock price might recover itself with some milestones it might attain during 2023 as highlighted by the Fib-retracement. Let us now get some intersting levels to be attained by Canoo Inc’s GOEV stock price during 2023:
GOEV share price (NASDAQ: GOEV) might reach $3.63, the first milestone by mid 2023 if it recovers itself through the consolidation phase leaving the declining streak. There are more milestones to be attained by GOEV stocks afterwards, if GOEV shares sustain at the first milestone then it may surge for the second milestone at $5.48 by registering its maximum recovery during 2023 as pointed by the analysts.
However, trading is more of a prediction game. It has been suggested to investors to be very cautious regarding their investments, especially in the EV based utility companies. Meanwhile, other EV utility based companies like Rivian, Tesla, CHPT, EVGO etc. are also trying to make a bigger move bringing a major change in the EV market.
GOEV Shares (NASDAQ: GOEV) Being Oversold!
Technical indicators suggest the downside trend of GOEV share price over the charts. Relative strength index showcases the downtrend momentum of GOEV shares. RSI was at 29 and has entered the oversold territory. MACD exhibits the downward velocity of GOEV share price.
The MACD line is below the signal line but with a minor difference. Investors in GOEV stocks need to wait until the GOEV share price initiates its recovery phase leaving the declining streak.
Summary
GOEV stock price has slipped significantly leaving the consolidation phase while there are some levels to be attained by GOEV in 2023. GOEV stock price might reach $5 by the end of 2023, says analysts. Only if GOEV share price follows the plan of breaking out from the consolidation phase and recovering itself with a strong rally during 2023.
GOEV stock price might recover itself with some milestones it might attain during 2023 as highlighted by the Fib-retracement. Meanwhile, other EV utility based companies like Rivian, Tesla, CHPT, EVGO etc. are also trying to make a bigger move bringing a major change in the EV market. Technical indicators suggest the downside trend of GOEV share price over the charts.
Technical Levels
Support Levels: $0.70 and $0.65
Resistance Levels: $1.05 and $1.70
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 or stocks 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.
