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- 1 Canoo Inc.’s GOEV stock price has been trying to break out from the $0.65 resistance but failed to sustain.
- 2 GOEV share price is trying to remain above 20 and 50-day EMAs to recover above 100 and 200-day daily moving averages.
- 3 Canoo Inc. (NASDAQ: GOEV) stock has declined around 53.50% year to date.
GOEV stock price is currently making efforts to push higher, aiming to reach the primary resistance level and, importantly, to maintain the upward momentum. Analysts are of the opinion that GOEV shares need to attract more buyers to successfully overcome the primary resistance level set at $0.6611. To continue its recovery journey, Canoo’s stock price must hold above this primary resistance level and strive towards the secondary resistance level at $0.8010. Achieving a price of $1 for GOEV shares will necessitate a sustained accumulation of buyers during this recovery phase.
While Canoo’s stock price has been confined below the $0.6611 resistance, GOEV shares have made attempts to break through this barrier in the past but struggled to maintain that position. However, analysts are now speculating that GOEV’s share price might experience a robust uptrend momentum, potentially driving it toward the significant milestone of $1.
GOEV stock price was at $0.5905 and lost 0.34% of its market capitalization during Friday’s trading session. The trading volume was below average and needs to grow during Monday’s trading session.
GOEV Stock Price: Technical Indications
For GOEV stock to hit the $1 milestone, it must sustain its upward momentum from the lower level. In contrast, Canoo shares should uphold a steady influx of buyers in Monday’s trading session. It’s worth noting that the volume change has been lower than usual and should see an increase during Monday’s trading session. Analysts are optimistic that GOEV shares have the potential for recovery and could potentially reach the $1 threshold.
In the span of a week, GOEV stock price has surged by approximately 17.91%, but it has seen a decrease of roughly 4.08% over the course of a month. Meanwhile, Canoo’s stock has shown a gain of about 5.45% in the past three months, but it has also faced a decline of around 20.20% in the last six months. GOEV shares have had a challenging year in 2023, with a significant year-to-date loss of approximately 53.50%.
Based on technical indicators, GOEV stock is facing challenges in achieving a breakout. Both the relative strength index (RSI) and moving average convergence divergence (MACD) indicators affirm this struggle for Canoo stock.
The RSI is currently at 53 and remains stable, indicating a neutral position above the neutral threshold. Additionally, the MACD line is positioned above the signal line, anticipating the possibility of a crossover. Therefore, investors in Canoo Inc. (NASDAQ: GOEV) should exercise patience and monitor the stock’s performance as it approaches the primary resistance level.
Summary
GOEV stock price is currently making efforts to push higher, aiming to reach the primary resistance level and, importantly, to maintain this upward momentum. However, analysts are now speculating that GOEV’s share price might experience a robust uptrend momentum, potentially driving it toward the significant milestone of $1. Based on technical indicators, GOEV stock is facing challenges in achieving a breakout.
Technical Levels
Support Levels: $0.5710 and $0.5500
Resistance Levels: $0.6611 and $0.7050
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.
