EVgo Stock Price Prediction: $EVGO Stock Roadmap to $10!

EVgo stock price has been consolidating after leaving an interesting rising pattern over the daily time frame chart.
EVGO share price has gained around 6.64% of its market capitalization in the past week.
EVgo Inc (NASDAQ: EVGO) stocks had already initiated its recovery of 2023 and reports do suggest EVGO to rally during 2023.

EVgo stock price has been sideways after escaping from the rising parallel channel and might rally from here. EVGO share price has surged through the rising parallel channel after getting up from the demand zone and soared till $7.60. However, sellers have been continuously trying to pull EVGO shares out of the rising pattern.

Recent years have seen a boom in the electric car industry, led by Tesla, Rivian, and LUCID. EVGO has been working hard to establish its superiority over the other EV accessory makers. Analysts predict that EVGO share price may surpass its current level in 2023.

EVGO stock price was at $6.10 and has lost 1.29% of its market capitalization by the opening of Thursday’s trading session. This demonstrates that sellers are trying to pull EVGO shares below the lower trendline of the consolidation phase.

EVgo stock price has been trying to surge out of the consolidation phase but couldn’t sustain and break out of the $7.60 resistance level. EVGO shares need to increase the trading volume which has been below average from the last few trading sessions. This indicates that traders are not involving themselves in the trade from the last few trading sessions.

EVGO stocks need to grab the investors attention to surpass the consolidation phase. However, EVGO shares are trying to sustain at 20, 50 and 100-days Daily Moving Average while striving to be at 200-days DMA.

Roadmap For EVGO Stock Price to Reach $10:

Analysts speculate the maximum recovery of EVGO stock price during 2023. Moreover, EVGO shares have gained around 6.64% in the last week and the quarterly report for EVGO share price is positive with 6.27%. In addition, EVGO share price has also showcased the signs of its recovery during 2023 as it has gained 29.24% year to date.

Fib Retracement showcases some interesting levels to be attained by EVGO shares during 2023: [(NASDAQ: EVGO) Roadmap to $10]

According to Fib Retracement EVGO stock price might reach the $10 level if it breaks out of the following milestones. EVGO share price needs to reach the first milestone at $6.85 in order to continue towards the second milestone with half way done at $7.60 escaping the consolidation phase.

Afterwards, EVGO shares need to continue its rally to reach the third milestone at $8.70 to soar towards the final milestone at $10 registering its maximum recovery by the end of 2023.

Predictions are based on some technical indicators and investors need to be very cautious during investments as volatility and some internal or external factors might affect the trajectory of EVGO stock price.

EVgo Inc (NASDAQ: EVGO): Technical Indications

Technical indicators suggest the downtrend momentum of EVGO stock price. Relative strength index showcases the downside trend of EVGO shares. RSI was at 48 and is moving towards the oversold territory leaving neutrality.

MACD exhibits the downward velocity of EVGO share price. The MACD line is below the signal line and has been waiting for so long to experience either of the crossovers. Investors in EVGO stocks need to wait until the EVGO share price initiates its rally of 2023 to register its maximum recovery.

Summary

EVgo stock price has been sideways after escaping from the rising parallel channel and might rally from here. Recent years have seen a boom in the electric car industry, led by Tesla, Rivian, and LUCID. Fib Retracement showcases some interesting levels to be attained by EVGO shares during 2023.

EVGO share price needs to reach the first milestone at $6.85 in order to continue towards the second milestone with half way done at $7.60 escaping the consolidation phase. Technical indicators suggest the downtrend momentum of EVGO stock price. Investors in EVGO stocks need to wait until the EVGO share price initiates its rally of 2023 to register its maximum recovery.

Technical Levels:

Resistance Levels: $7.60 and $8.80

Support Levels: $5.75 and $5.00

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 Stocks 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