SOFI demonstrated a strong chart structure in the last few trading sessions. Furthermore, the price is trading above the exponential moving averages which shows the buyers’ strength. Nevertheless, bears stayed attentive in the battle and waited for a fall to exhibit their presence.
But looking at the surge, they were covering their positions and remained on the back foot. Furthermore, buyers persisted in making long positions and gradually headed toward $10.
SoFi Technologies Inc. stock was trading at $8.79 at press time with an intraday rise of 1.50%, showing bullishness in the last trading session. Moreover, the intraday trading volume was 17.739 Million. The market cap of the stock is $8.352 Billion. SoFi Technologies stock shows the bulls’ strength and maintains the gains leading on the front.
On the daily charts, SOFI stock stayed on the top near the supply zone, holding the gains convincingly. The bulls have an edge and have dominated the past few trading sessions. Moreover, the price persisted in forming higher highs, and bears were trapped during the rebound. As per the trading view, analysts maintained a buy rating, and the target price of $10.32 and $16.00, showing the stock’s bullishness.
Will The SOFI Stock Price Regain $10?
Currently, SOFI stock is trading above the 50 and 200-day DMAs (daily moving averages) which are supporting the price momentum.
Nonetheless, if more buying counts up in stock, then the price might sustain bullish momentum by making higher highs and new highs. Therefore, the SOFI price is expected to move upward giving a bullish outlook over the daily time frame chart.
The current value of RSI is 51 points. The 14 SMA is above the median line at 43 points which indicates that the SOFI stock is bullish. The MACD line at -0.1301 and the signal line at -0.1768 are above the zero line. A bullish crossover is observed in the MACD indicator which signals weakness in the momentum of the SoFi Technologies Inc. stock price.
Weekly Charts Price Analysis
On the weekly charts, the SOFI price is bullish and stays between the $8 to $12 range with the highest volumes. However, the trend is strong and buyers are attempting to break the zone and try to sustain above the round spot of $10.
The RSI curve is near 60, near the overbought zone which shows a positive outlook on the charts. The MACD indicator showed a positive scenario but the green bars were near the end, and a crossover was imminent but the overall scenario looked bullish.
Summary
SoFi Technologies Inc. (NASDAQ: SOFI) oscillators are currently indicating that the price is overbought. The investors are not very optimistic regarding the stock. The MACD, RSI, and EMA are emphasizing positive signs and imply that the uptrend may continue in the SoFi Technologies Inc. stock price. SoFi Technologies’ price action suggests that the investors and traders are bullish on the 1-day time frame. The price action reflects a bullish outlook at the moment. Nevertheless, investors and traders should wait for the appropriate setup before making the next move and avoid FOMO.
Technical Levels
- Support Levels: The nearest support levels for the SOFI stock price are $7.33 and $6.01.
- Resistance levels: The nearest resistance levels for the SoFi Technologies Inc. stock price are $10.54 and $12.43.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Nancy J. Allen is a crypto enthusiast and 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.
Source: https://www.thecoinrepublic.com/2023/09/04/sofi-stock-nasdaq-sofi-is-16-possible-by-the-end-of-2023/