EVgo Stock Price: Trend Reversal on Monday May Lead $EVGO to $10?

EVgo stock price (NASDAQ:EVGO) might initiate its recovery on Monday, bulls might try for a trend reversal and let EVGO surge.
EVGO shares must cross the 20-EMA to recover above 50, 100 and 200-days Daily Moving Average.
Wall Street analysts speculated EVGO share price might recover the most during 2023.

EVgo stock price (NASDAQ: EVGO) to initiate its recovery phase as bulls might provide the required trend reversal to EVGO shares to reach $10. EVGO share price might initiate its recovery phase on Monday’s trading session and start surging with the required trend reversal.

EVGO stock price needs to break out from the primary resistance level of $6.61 in order to march towards the $10 recovery level. Meanwhile, technical analysts do confirm the recovery of EVGO shares over the charts during 2023. Moreover, EVGO shares have recovered around 16.53% year to date confirming the facts regarding its maximum recovery in 2023.

EVgo stock price was at $5.50 and has lost 1.61% of its market capitalization during Friday’s trading session. Trading volume was below average with a total of 846.386 K on Friday’s trading session.

EVgo stock price is trying to sustain at the current level and is waiting for bulls to reverse the trend and let EVGO share price to initiate its recovery over the daily time frame chart. EVGO stocks need to recover from the lower level to reach the $10 recovery level.

EVGO Stock Price – Roadmap to $10

EVgo shares must gain the uptrend momentum in order to reach the $10 recovery level after and break out from the certain milestones in between. EVGO stock price needs to break out from the primary resistance level of $6.61 to reach the $7.60 second milestone.

After that EVGO Inc (NASDAQ: EVGO) stocks must sustain at the secondary resistance level to continue its recovery towards the $8.81 resistance level the third milestone and reach the $10 level by mid 2023.

EVgo Inc (NASDAQ: EVGO): Technical Indications

EVGO stock price has been trying to sustain and surge towards the recovery level of $10 but failed each time to register its breakout from the primary resistance level and continued its consolidation phase.

However, this time analysts predict that EVGO share price might initiate its recovery as soon as bulls throttle the price of EVGO stocks to initiate its recovery with a trend reversal.

Technical indicators suggest sustainability of EVgo stocks. Relative strength index showcases the downtrend momentum of EVGO share price. RSI was at 43 and is trying to sustain below neutrality.

MACD exhibits the sideways momentum of EVGO shares. The MACD line is still below the signal line and has been waiting for a positive crossover.

Investors in EVgo In (NASDAQ: EVGO) need to wait until the EVGO stock price initiates its recovery phase on Monday’s trading session.

Summary

EVgo stock price (NASDAQ: EVGO) to initiate its recovery phase as bulls might provide the required trend reversal to EVGO shares to reach $10. EVgo shares must gain the uptrend momentum in order to reach the $10 recovery level after and break out from the certain milestones in between.

Technical indicators suggest sustainability of EVgo stocks. Investors in EVgo In (NASDAQ: EVGO) need to wait until the EVGO shares initiate its recovery phase on Monday’s trading session.

Technical Levels-

Resistance level- $6.10 and $6.61

Support level- $5.30 and $5.20

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.

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