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- 1 Lucid stock price is currently facing a pressure from bears with the decline in revenue
- 2 Technical indicators of LCID suggest a consolidated trend in price.
Lucid Motors is an American electric vehicle (EV) company based in California. Lucid Motors was founded in 2007 and has since then become a major player in the EV industry, with its flagship vehicle, the Lucid Air, receiving high praise from critics and consumers alike.The global shift towards sustainability and renewable energy has led to a surge in demand for electric vehicles, and Lucid Motors is well-positioned to capitalize on this trend. The company’s advanced EV technology, cutting-edge design, and strategic partnerships with major companies have set it apart from competitors in the market.In addition, Lucid Motors is led by a highly experienced management team, including CEO Peter Rawlinson, who was formerly the chief engineer of the Tesla Model S. This team has a track record of successfully developing and launching groundbreaking EVs, which bodes well for the future of the company..Meanwhile Recently LCID has been facing huge selling pressure from the bears but is showing a strength against them
LUCID has a market cap of over $16.36 Billion and has a negative EPS. It has seen a decline in revenue but can observe a comeback in the near future.
Where Are The LCID Price Bulls?
LCID stock price has been in a downside momentum for a long time.It has seen a brief recovery but went again in downside trend.It is currently trading near the value of $8.94 with a gain of 4.8% in the intraday session.The resistance of LCID price can be seen near $10.If it crosses above $10 a strong rally to $12 can be seen in the near future.The support of the asset price can be seen near $6.It is currently reading below the 50 and 100 Daily Moving Average.They both are acting as a resistance for the asset price.If it jumps above either of them a strong upside trend to a new high can be seen in the future.
RSI of the LUCID can be seen near 44 suggesting its presence in the neutral zone.There is a weak positive slope suggesting an upside momentum in price.
Conclusion
Lucid has seen a decline in revenue which might make it susceptible to bears sell off. It is currently consolidating but can see a new high in the future. Various analysts are expecting a strong return in the future.
Technical Levels
Major Support:$6
Major Resistance;$10
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.
