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- Canoo Inc. signaled recovery from the lowest level and GOEV stock price might gain more on Monday, analyst reports suggested.
- GOEV share price has already gained 1.09% in a week and this might be continued with a successful trend reversal, predicts analysts.
- Canoo Inc. (NASDAQ: GOEV) has declined enough now might revert back towards the primary resistance level confirms technical analysis.
Canoo Inc. (NASDAQ: GOEV), GOEV stock price has slumped during February from $1.06 level till the lowest level and March might see some recovery. GOEV share price needs to accumulate more buyers during Monday’s trading session to properly initiate its recovery phase.
Meanwhile, Canoo stock price has recovered around 1.09% in a week and if GOEV shares witness some buying on Monday’s trading session. Then Canoo shares might recover more during the next week with a better start of the week. However, there are some other factors which might affect the price action of GOEV stock price and sellers might try for a pullback.
Canoo Inc. (NASDAQ: GOEV) was at $0.5866 and has gained 4.56% of its market capitalization during Friday’s trading session. Trading volume was at 12.319 M which is still below the average of 25.363 M and trading volume needs to exceed average on Monday’s trading session.
GOEV Stock Price Recovery Initiated – Technical Indications!
Canoo stock price might have slipped significantly during February 2023 and might initiate its recovery with closing sessions of March 2023. Canoo stock price needs to recover itself from the lower levels to initiate its recovery phase of 2023.
However, investors are showing interest in the GOEV shares to push the GOEV share price towards the primary resistance level of $1.06. Meanwhile, Canoo share price needs to maintain its recovery through the week in order to confirm the recovery status by the closing of March 2023.
Moreover, GOEV stocks needs to recover above 20-EMA in order to surge above 50, 100 and 200-days Daily Moving Average by mid 2023.
Technical indicators suggest the recovery phase and a trend reversal for GOEV stock price. Relative strength index showcases the upside trend of GOEV share price. RSI was at 37 and is moving towards neutrality.
MACD exhibits the upward velocity of GOEV stock price. The MACD line is above the signal line after a positive crossover.
Investors in Canoo Inc. (NASDAQ: GOEV) might witness the gains on Monday’s trading session and GOEV share price might recover towards the $1.06 by the end of this week.
Summary
Canoo Inc. (NASDAQ: GOEV) stocks have slumped during February from $1.06 level till the lowest level and March might see some recovery. Meanwhile, Canoo stock price has recovered around 1.09% in a week and if GOEV shares witness some buying on Monday’s trading session.
GOEV stock price needs to recover itself from the lower levels to initiate its recovery phase of 2023. Technical indicators suggest the recovery phase and a trend reversal for GOEV shares.
Technical Levels-
Resistance level- $0.70 and $1.06
Support level- $0.55 and $0.536
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 stock 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.
