Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Akanda is trading at $0.4201 with a volume of 19.491K, and its average trading volume over the last 10 days is 50.529K. This company has a market cap of $1.43 Million and the floating share value is 1.801 Million.
The company reported its H2 2022 earnings, which showed a revenue of $2.55 Billion and a net income of -$9.06 Million. The company had a profit margin of -3.55.92%.
The stock performed poorly this year, giving returns of -71.81% since the beginning of the year. However, recently, the stock has shown signs of weakness, as it failed to break above the resistance levels. The stock is also trading below the key moving averages, which are bearish signals.
As per TradingView, out of 26 indicators,15 are on the sell side, 10 are on the neutral side, and 1 of them indicates a buy signal. However, the overall weightage of indicators is on the sell side.
Akanda Stock Technical Analysis
According to the technical chart, Akanda took a sharp rejection from the upper trendline and is below the key EMA curve.
MACD breached the middle line and headed downwards. MACD line (-0.0327) is beneath the signal line (-0.0327) demonstrating bearishness in the stock.
The RSI line is also heading towards an oversold zone, breaching the median line. RSI line (37.21) is beneath the 14 SMA (40.02) line demonstrating bearishness.
On the 4-hour charts, AKAN stock is on the verge of a most awaited breakdown, which registers when the price trades below $0.4051. However, buyers are accumulating the stock by defending it from the support of $0.4000.
RSI shows sellers’ presence. The RSI curve is floating near 42, which indicates that the stock is neutral. This could be a sign that sellers are starting to lose control of the stock. However, the RSI is still in the neutral zone, so it is too early to say for sure that a breakdown is imminent.
MACD shows bearish momentum. The MACD indicator is bearish and maintains red bars on the histogram. This suggests that the momentum in the stock is bearish. However, the MACD is not yet in the oversold zone, so it is possible that the stock could rally before breaking down.
Conclusion
AKAN stock price is heading downwards, breaking the 50 EMA and heading towards the 200 EMA. The MACD and RSI are indicating a downtrend in Akanda price. AKAN investors avoid the FOMO (fear of missing out). Scarcity is created in the stock market for accumulating more investors and creditors. It is better to keep it at arm’s length as this may result in one of the emerging reasons for market volatility.
Technical Levels
Support Levels: $0.4000 and $0.3500.
Resistance Levels: $0.5310 and $0.7420.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Source: https://www.thecoinrepublic.com/2023/11/10/akan-stock-forecast-akanda-stock-price-finds-base-what-next/