Lucid stock price is trading at the crucial make-or-break situation on the verge of an interesting declining pattern. However, sellers are currently trying to drag LCID stock price downwards to register its breakdown. If buyers accumulate at a higher rate, then Lucid shares may get support from the lower trendline of the falling wedge pattern over the daily time frame chart.
LCID stock price has been declining in a falling wedge pattern since January 2023. Some analysts from an esteemed financial firm claim that Lucid motors can’t be another Tesla. As LCID shares struggle to gather support and surge from the lower level.
Lucid stock price was at $5.07 and lost 5.06% of its market capitalization during Thursday’s trading session. Trading volume can be seen below average and needs to grow in favor of buyers. Investors are losing hopes about the recovery of LCID shares in 2023.
Will Lucid Stock Price Surge From This Trendline?
Lucid stock price has been slipping through an interesting falling wedge pattern since January 2023 over the daily time frame chart. At present, LCID share price is at a make-or-break situation as it is near the lower trendline of the pattern. If buyers get involved in the trade at a higher rate, then Lucid share price may rebound from the lower trendline. If not, then LCID may slip further, registering its all time low. However, volume change can be seen below average and needs to grow during Friday’s trading session.
Meanwhile, LCID stock slipped below 20, 50, 100 and 200-days daily moving averages. Lucid stock price declined around 7.48% in a week and 13.04% in a month. Moreover, LCID shares slumped around 28.89% in the last three months and 33.90% in the last six months. Lucid stock dipped around 27.26% year to date. This shows that LCID underperformed from the start of the year.
Technical indicators suggest the downside trend of LCID stock. Relative strength index (RSI) shows the fall of Lucid. RSI was at 38 and is heading towards the oversold territory. Investors in Lucid Group Inc. (NASDAQ: LCID) needs to wait for any directional change over the daily time frame chart.
Summary
Lucid stock price is trading at the crucial make-or-break situation on the verge of an interesting declining pattern. Even some analysts from an esteemed financial firm claim that Lucid motors can’t be another Tesla. At present, LCID share price is at the make-or-break situation as it was near the lower trendline of the pattern. Technical indicators suggest the downside trend of LCID stock. Investors in Lucid Group Inc. (NASDAQ: LCID) needs to wait for any directional change over the daily time frame chart.
Technical Levels
Support Levels: $5.00 and $4.85
Resistance Levels: $5.35 and $5.50
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.
Source: https://www.thecoinrepublic.com/2023/10/13/lucid-group-inc-lucid-stock-price-plunges-investors-tense/