GOEV Stock Price Prediction: Will $GEVO Escape Declining Streak?

GOEV stock price has slipped below the consolidation phase continuing the declining streak of the share price.
Canoo Inc stock (GOEV) has been slipping since August 2022 and tried to sustain while consolidating during November 2022 and tried to escape the consolidation phase in January 2023.
GOEV share price has slipped below 20, 50, 100 and 200-days Daily Moving Average.

Since August 2022, GOEV stock price has been falling, it began to consolidate in the beginning of 2023, but it eventually fell below the lower range. The quarterly report of GEVO stocks is negative with 27.88% of loss to the company during last quarter. It looks like other EV manufacturers are giving tough competition to Canoo Inc (GOEV) to stand in the market. Some analysts are still bullish over GOEV shares as they speculate GOEV stock price to return from the support zone escaping this declining streak.

Several analysts predict that the GOEV stock price may increase in 2023, alleviating Canoo Inc. investors. According to financial specialists from a reputable financial institution, the price of the GOEV share can yet rise sharply from its current low point. Nonetheless, beginning in 2022, aggressive selling pressure has been applied by sellers to the GOEV shares. Although other EV manufacturers are struggling, companies like Tesla and Rivian are booming.

After the end of Friday’s trading session, the GOEV stock price was $0.879 and it had decreased by almost 1.73%. Indicating the accumulating rate of sellers during Friday’s trading session, trading volume is found to be below average.

Given that the GOEV stock price has dropped by around 11.26% in the past week and by approximately 30.72% over the course of the year, it is clear that investors are reluctant to buy GOEV shares at the moment.

We can conclude that thus far, 2023 has not been favorable for GOEV stocks. Nonetheless, some experts do hold GOEV shares in high regard and they predict that the company’s stock price may rise again. By the middle of 2023, analysts predict that the share price of GOEV may surpass $3.00.

When will the GOEV Stock Price Reach $1?

Technical indicators suggest the downtrend momentum of GOEV share price. Relative strength index showcases the downside trend of GOEV shares. RSI was at 34 and heading towards the oversold territory. MACD exhibits the fall of GOEV share price below the consolidation phase over the daily time frame chart. The MACD line was below the signal line after a negative crossover. Investors in GOEV shares need to wait until the share price recovers from the lower price range of the consolidation phase.

Summary

Since August 2022, GOEV stock price has been falling, it began to consolidate in the beginning of 2023, but it eventually fell below the lower range. The quarterly report of GEVO stocks is negative with 27.88% of loss to the company during last quarter. Nonetheless, some experts do hold GOEV shares in high regard and they predict that the company’s stock price may rise again. By the middle of 2023, analysts predict that the share price of GOEV may surpass $3.00. Technical indicators suggest the downtrend momentum of GOEV share price.

Technical Levels

Resistance Levels: $0.95 and $1.05

Support Levels: $0.83 and $0.80

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 any stock or 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