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- EVGO Stock price is trying to sustain at the lower trendline of the range and now is the time for EVGO to return towards the recovery.
- NASDAQ: EVGO stock price needs to break out of this primary resistance level in order to activate its rally in 2023, according to analysts.
- EVGO shares have been consolidating after leaving from the rising parallel channel over the daily time frame chart.
EVGO stock price must break out of the upper price range of the consolidation phase in order to initiate its rally in 2023. However, sellers have been shorting the market for EVGO shares to pull back EVGO. EVGO share price might start rallying towards the upper recovery level of $10 by the end of 2023.
Meanwhile, EVGO stock might start rallying during 2023, says analysts from a prestigious financial firm. Recent reports from some organizations also confirm the rumors regarding a 2023 rally and EVGO stock’s maximum recovery during 2023.
EVGO went through an interesting roller-coaster ride over the daily time frame chart. EVGO at first declined with downtrend momentum from September 2022 till December 2022. In the meantime, EVGO stock price proved its potential with its growth inside the rising parallel channel during January 2023.
EVGO stock price was at $5.80 and has lost 2.52% of its market capitalization during Monday’s trading session. Trading volume is above average, at 1.637M indicating a high accumulation rate for the buyers.
EVGO stock price needs to register its breakout from the primary resistance level of the consolidation phase. The primary resistance level for EVGO shares is at $6.60 which is basically the first milestone for EVGO stock price to initiate its rally.
Afterwards, EVGO share price might surge as soon as it sustains above $7.60 which is the second milestone for EVGO shares. EVGO to initiate its perfect rally and overcome all of the remaining milestones at 7.60 and 10.00 respectively to proclaim its recovery stage. EVGO must sustain above the milestones and keep up the pace with upside trends.
Moreover, EVGO share price has gained around 22.88% of its market capitalization Year to date. Confirming the facts regarding EVGO shares rally and maximum recovery during 2023. Quarterly report is also positive for EVGO stocks with a total of 0.87% in three months.
WIll EVGO Stock Price Continue the Surge?
EVGO stock price must sustain above the primary resistance level of $6.60 and continue its surge to recover maximum. However, technical indicators suggest the downtrend momentum of EVGO stocks.
Relative strength index showcases the downtrend momentum of EVGO share price. RSI was at 44 and is below neutrality to be oversold. MACD exhibits the downward momentum of EVGO share price. The MACD line is below the signal line after a negative crossover.
Investors in EVGO stocks need to wait until the EVGO share price sustains above $6.60 primary resistance level and initiates its rally of 2023.
Summary
EVGO stock price must break out of the upper price range of the consolidation phase in order to initiate its rally in 2023. EVGO at first declined with downtrend momentum from September 2022 till December 2022. The primary resistance level for EVGO shares is at $6.60 which is basically the first milestone for EVGO share price to initiate its rally. Moreover, EVGO stock price has gained around 22.88% of its market capitalization year to date. However, technical indicators suggest the downtrend momentum of EVGO stocks.
Technical Levels
Resistance level: $6.60 and $7.60
Support level: $5.65 and $5.30
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.
