UPST Stock Expected to Beat $35; MACD Reflects Buyer Dominance

UPST stock added $8.42 to its trading price in the past 52-week . On September 6, 2022, it was trading at $24.53 but at the time of publishing, the stock was trading around $32.95.

UPST Stock Price Analysis

From August 10 to September 1, UPST stock seems to be consolidating in the range between $28.81 to $35.10. In the weekly time frame, Upstart Holdings, Inc. stock trading price surged over 8.35% and a positivity of 71.70% is seen in the trading price in the past six months.

Upstart Holdings, Inc. has a market capitalization of $2.764 Billion. A significant surge of 155.36% in the market cap is seen compared to the market cap in 2022. At the time of publication, UPST share price was trading above its annual price target of $24.67.

The MACD indicators suggest that minute buyers’ accumulation is seen above the histogram and a possible bounce is expected in the next coming session. Similarly, the RSI is still tumbling in the oversold region and a possible indication of a short-term bounce is expected.

Upstart Holdings, Inc. released its quarterly earnings on August 8, 2023. It reported a positive EPS of 0.06 and revenue of $135.766 Million. The Company beats the EPS estimate by 187.61% and revenue estimate by 0.41%. Despite that, the stock prices reacted negatively and fell 34% the next day after earnings.

Will UPST Stock Consolidate Near $35?

If buyers’ dominance continues in the coming few sessions then a short-term bounce is expected. The nearest resistance that might be surpassed by UPST stock is $35.10 and the next resistance of $37.08.

As per market analysts, the histogram and RSI both suggest a bounce by the end of this week. It is expected that after the upcoming bounce might surge and beat the immediate resistance of $35.10.

After a detailed technical analysis, it is highlighted that if UPST stock remains below $40 then bear dominance might affect the prices constantly. The closest visible support is $28.99 and the following support of $26.82.

At the time of writing this article UPST share price was trading below 20, 50, 100 and 200-day EMA

Technical Levels

Major Support: $28.99 and $26.82

Major Resistance: $35.10 and $37.08

Conclusion

According to technical aspects, RSI and MACD are in oversold regions and the histogram of MACD indicates a minute buyer’s dominance. The shadow of bulls on the histogram signifies that a short-term bounce is expected in the coming weeks.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing