RIVN stock price took support near $40.00 and showed a recovery of approximately 22% in a short period of time. It formed a bullish reversal pattern and the price recovered by forming higher high candles.
Rivian stock price is above the 50-day and 200-day EMA showcase the trend is in an upward direction. However, the EMA is sloping sideways indicating prices may spend some more time in a consolidation range.
For the past two months, Rivian Automotive Inc. stock price has stuck in a wide range between 20.00 to $25.00. It has formed a short-term base so the downside risk is low.
RIVN stock price performed well in 2023 and up by 36% on a YTD basis. It generated decent returns for the long-term investors and created hope for outperformance in 2024.
Buyers of Rivian stock are preparing for another attempt to break the $25.00 hurdle. If they succeed, then prices might rally to $28.00. The buyers look more active so the probability of the breakout remains high.
RIVN stock price closed the previous session at $23.69 with an intraday rise of 9.22%. The market capitalization stands at $22.46 Billion.
Is RIVN Stock Price Preparing For a Rally?
RIVN stock price is forming a bullish continuation pattern. The recent up move in the stock price looks reliable so more upward momentum is possible. However, the confirmation of more upside will come when buyers are able to break the $25.00 hurdle.
At the time of writing the Rivian stock pre-open tick shows a 9% gap down open. If Rivian stock price opened a gap down in a regular session, then $20.00 support will be at risk.
The analysis suggests, that until RIVN share price breakout of $25.00, investors must remain cautious.
Rivian Stock Price Analysis on Weekly Time Frame
Rivian stock price formed a bullish hammer candle on a weekly time frame. However, if the price gap is down then it might display a bearish candle.
The MACD curve sloping sideways indicates prices will lack positive momentum and are likely to consolidate.
The RSI at 54 sloping upward denotes the strength of bulls but if the price fails to rise in the coming session, then RSI might reverse downward. The supertrend indicates a downtrend and bears are also getting active.
Conclusion
RIVN stock price took support near $40.00 and showed a short-term recovery. However, until the price breaks the $25.00 hurdle, the price is expected to remain in the bears’ grip.
The technical analysis suggests that Rivian stock is inside the range, and the probability of reaching $28.00 is low.
Technical levels
- Resistance levels: $24.85 and $28.12
- Support levels: $21.00 and $19.46
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.
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.
Source: https://www.thecoinrepublic.com/2023/10/05/rivn-stock-price-surges-10-will-rivian-stock-rally-to-28/