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- 1 Rivian Stock price hits 52 week low at $12.80 and is down by 8.12% on weekly basis.
- 2 RIVN stock price trading below 200 and 50 day EMA showcased a downtrend.
- 3 Rivian Automotive stock (NASDAQ: RIVN) has entered the oversold zone.
Rivian stock price is down by 31.81% on a monthly basis and has slipped below a key level of $15.00. On March 7, 2023, RIVN stock price broke down its yearly lows which triggered the negative sentiment and prices continued the downside. However, prices seem to be entering the oversold zone and anytime a short term bounce is possible.
Rivian stock price closed the previous session at $13.01 with an intraday drop of -3.34% and market capitalization at $12.06 billion. In mid January, Rivian share price took support near $15.00 and gained positive momentum. Later, RIVN stock price took a U-turn and rallied nearly 43% which created hope for a short term bullish trend reversal. However, the rally halted at $22.00 and the bulls failed to give the follow up momentum. Therefore, $22.00 will act as a strong hurdle if any pull back rally is triggered from the lower levels.
Rivian stock price consolidated for a few weeks in the range between $18.00 to $22.00 but broke the lower range which invited further selloff. In the beginning of March, overall market sentiment turned bearish and it negatively impacted RIVN stock.
Will Rivian Stock Price See a Rebound?
Rivian stock witnessed a massive spike in selling volume and price followed in the same direction. It indicates that some genuine investors might have exited at the higher levels. Presently, RIVN stock price is trading below the 50 day EMA showcasing a downtrend; price action also does not show any signs of recovery. However, if the market sentiment improves then we might see short term bounce from the lower levels. Technical analysis suggests that the probability of a rebound will increase if prices regain the $15.00 level. Till then, RIVN stock looks like a falling knife and may remain in bear grip.
RIVN Stock Price is in Oversold Zone
Rivian Stock technical indicators including MACD have generated a negative crossover indicating that prices will remain weak and trade with a bearish bias. The RSI at 33 sloping downwards denotes that prices are heading into the oversold zone and could trigger a relief rally to clear out short positions.
Conclusion
Rivian Stock price is down by 31.8% on a monthly basis and hit a fresh 52 week low indicating bearishness. However, RIVN stock price seems to be entering into the oversold zone and may see a short term bounce. Technical analysis suggests that Rivian share price is in a bear grip and the probability of rebound is low.
Technical levels
Resistance levels : $15.00 and $20.00
Support levels : $12.00 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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
