Allarity stock price is facing strong bearish pressure on the daily technical charts; it is trading below the 100 and 200-day EMAs. The stock failed to break above its key resistance levels near the EMAs in the past few months, despite several attempts by the buyers.
The stock is currently trading near $0.4800, with a flat intraday performance. The potential upside target is $1, but it needs to overcome the bearish pressure and surge above the 200-day EMA. The stock has a support level of $0.4300, which could prevent further downside.
Allarity price prediction suggests that the stock is in the firm grip of the bears and needs to show some signs of reversal before confirming a bullish trend.
Technical indicators favor the bears projecting a pessimistic perspective for the buyers. RSI and stochastic RSI oscillators are moving near the overbought zone whereas the major EMA lines are acting as barrier points for ALLR price.
The company’s performance has been dismal throughout the year. It reported negative returns of 99.88% year-to-date, 96.48% in the last six months, 32.39% last month, and 9.43% last week, highlighting the strength of the bearish pressure.
Technical Analysis of Allarity Stock Price in 1-D Time Frame
Allarity stock (NASDAQ: ALLR) is trading under the 50 and 200-day daily moving averages (DMAs), which are not upholding the price trend.
The current value of RSI is 21.13 points. The 14 SMA is above the median line at 21.49 points, indicating that the Allarity stock is bearish.
The MACD line at -0.0966 and the signal line at -0.1077 are below the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the ALLR stock price.
Analysing the Bigger Time Frame
The weekly chart of Allarity stock reveals that the sellers are dominant. The stock is on a downtrend, as it broke below the key EMAs. Technical indicators also confirm the bearish sentiment, as the RSI is near the oversold zone at 20 and the MACD formed red bars post a bearish crossover. These signals indicate that the stock may face more negative pressure in the coming weeks.
Summary
Allarity stock (NASDAQ: ALLR) technical oscillators also support the bearish trend. The MACD, RSI, and EMAs are emphasizing negative signs and imply that the downtrend may continue in the ALLR stock price. Allarity price action suggests that the investors and traders are bearish on the 1-day time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
Support Levels: $0.4313 and $0.400
Resistance Levels: $0.7000 and $1.0
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.
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/2023/11/15/allarity-stock-allr-stock-overview-complete-technical-analysis/