ChargePoint to charge the EV industry with this collaboration

ChargePoint (NYSE: CHPT) will join forces with Mercedes Benz to build a high-power charging network in North America. The main goal is to establish a network of more than 400 hubs across North America with over 2,500 high power chargers by 2027.

The project planned to provide chargers that will function on “plug and charge”, which will allow the charging station to interact directly with the vehicle. This will impact various related industries and revolutionize the industry.

Earlier, ChargePoint revealed that Eric Sidle will step down as Chief Technology Officer, effective from Jan 31. Addition to this, Chief Customer and Operations Officer, Rick Wilmer, will take over as the new Chief Operation Officer. This change in the upper hierarchy can affect the new project and the company as a whole in a broader perspective.

Initiative and challenges

Given that ChargePoint Holdings Inc. is an electric vehicle (EV) charging technology solutions provider and sells network charging hardware, cloud services and other solutions to the customers, its new project will have a heavy impact on the EV industry, battery manufacturing sector and electricity sector.

The ever-developing automobile sector has switched to the EV base and has been gaining fame ever since due to its ecological conservative approach.

CHPT price tale

The CHPT prices are forming a falling parallel pattern and marking lower highs. The recent volume encountered heavy sales, due to the news of change in management. The current scenario suggests prices to be recovering and hint at future rise due to the new project. The 20-EMA lies right above the price, and once claimed, may set prices in bullish momentum.

A bull run can be anticipated, if the current price of $8.92 cracks the breakout level of $9.68. The predicted surge may go up to $13.00 and if continued for long can even reach beyond $45.00. The RSI holds a spot in the lower band showing seller dominance, transforming to buyer’s. The MACD records an equal participation by both sellers and buyers, taking turns to benefit from the price changes.

Conclusion

The proposed project can influence the EV industry to boom and take along related sectors. It may also inspire affordable brands like FORD to join the mission and provide feasible vehicles in the similar sectors. This might amplify the evolution and bring out newer technologies like aerial EVs, etc. CHPT investors may watch for the breakout zone of $9.68.

Technical levels

Support levels: $8.24 and $7.24

Resistance levels: $12.08 and $13.72

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they 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