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- 1 LCID stock price has been consolidating after slipping from the $8.41 recovery level, and prepares for rebound.
- 2 Lucid stock may surge to reach the $10 recovery level, says analysts from a crypto firm.
- 3 Lucid Group Inc (NASDAQ: LCID) shares have gained 26.90% in a month.
LCID stock price may rebound from the consolidation phase to reach the $10 recovery level, according to analysts. Lucid share price must accumulate buyers during Tuesday’s trading session to surge towards the primary resistance level of $8.10 over the chart.
If LCID share price manages to rebound from the horizontal range-bound area, then Lucid stock must register its breakout from the $8.12 primary resistance level to reach the $10 mark. However, sellers may approach the trade to short Lucid shares in between.
LCID stock price was at $7.17 and has gained 4.37% of its market capitalization during Monday’s trading session. Trading volume was below average and needs to grow during Tuesday’s trading session. However, LCID share price was at $7.19 and has gained 0.28% in the pre-market session of Tuesday.
Investors in Lucid Group Inc (NASDAQ: LCID) need to look for the signals if LCID shares sustains at the primary resistance, then it may continue the surge towards the $10 mark.
LCID Stock Price to Gain Strong Uptrend – Technical Indicators
LCID stock price needs to accumulate buyers in order to surge towards the upper threshold of the consolidation phase over the daily time frame chart. Meanwhile, Lucid stock price is trying to sustain above the 20 and 50-EMA to recover towards the 100 and 200-days Daily Moving Average. LCID share price may reach the $10 mark, if it breaks out of the horizontal range-bound area over the daily time frame chart.
Moreover, Lucid stock price has gained 5.91% in a week and 26.90% in a month. Also, LCID share price has gained 3.76% in the last three months. In addition, LCID shares have increased around 2.87% year-to-date. This suggests that finally Lucid stock is moving upwards from its ashes to register its recovery in 2023.
Technical indicators suggest the upward momentum of LCID stock price. Relative strength index showcases the uptrend momentum of Lucid stock. RSI was at 52 and is above neutrality to be overbought.
MACD exhibits the upside trend of LCID share price. The MACD line is crossing the signal line upwards, registering a positive crossover. This may be the buying opportunity for traders in Lucid stocks. But investing in stocks is subject to market risks, and investors must be very cautious before investing.
Summary
Analysts predict the LCID stock price will recover from the consolidation phase and reach the $10 recovery level. In order to accelerate towards the top boundary of the consolidation phase over the daily time frame chart, Lucid stock needs to attract more buyers. In addition, the price of Lucid’s stock rose 5.91% in a week and 26.90% in a month. Technical indicators point to the share price of LCID continuing to rise.
Technical Levels
Support Levels: $6.70 and $6.55
Resistance Levels: $8.12 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 or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
