NASDAQ: MULN stock price shed almost 98.81% in the past six months. On the August 11 trading session, it opened at $0.9500, lowering to $0.8720; it hit a high of $1.08 and closed at $1.01 with an intraday trading volume of 49.054 Million.
In the 52 weeks time frame, MULN stock’s highest traded price was $209.27, and its lowest traded price was $0.87. Mullen Automotive Inc. is a California-based electric transport company focused on manufacturing passenger and commercial vehicles.
MULN share price slipped over 14% weekly and more than 29% monthly. Mullen Automotive, Inc. has a market capitalization of $72.201 Million, and its share average trading volume is 36.047 Million.
Mullen Automotive Inc. has acquired Electric Last Mile Solution for $240 Million and Bollinger Motors for $148.2 Million. The company gathered $3.1 Million on January 20, 2016, in a venture round.
NASDAQ: MULN Price Analysis
In the past five trading sessions, sellers were more aggressive than buyers. On August 04, MULN share was trading at $1.19, but the continued selling pressure dragged the price downwards.
If sellers dominate in the coming sessions, MULN stock price might decline further to meet immediate support of $0.8803. In that case, it is also expected that the stock might slip and register a fresh 52-week low.
If buyers succeeded in taking control over sellers, then MULN stock might face immediate resistance of $1.25 and the next possible resistance of $1.56. When writing, Mullen Automotive, Inc stock was trading below 50-day and 200-day EMA.
MULN stock was trading around $64 at the beginning of 2023, but constant selling pressure might be a significant reason for the sudden price decline. In Q1 2023 net revenue of the company was -$376.28 Million, and in Q2, net income was -$114.91 Million.
After analyzing the financial aspects of Mullen Automotive, Inc. no sign of profitability in terms of income or revenue is seen. The weak financial background might also be a reason for the declining price.
Conclusion
Currently, MULN shares are going through their worst phase, although the continued decline might trouble MULN shareholders further. Numerous analysts believe that there are still possibilities that buyers will dominate sellers in the coming session, and an impressive surge in the prices might be seen by the end of the week.
Technical Levels
Support Levels: $0.8803
Resistance Levels: $1.25 and $1.56
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading 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
Source: https://www.thecoinrepublic.com/2023/08/14/bulls-fail-to-control-situation-muln-stock-lost-14-weekly/