Canoo Inc., GOEV stock price is trying to surge towards the primary resistance level and must sustain to continue the surge. Meanwhile, analysts believe that GOEV shares need to accumulate buyers in order to recover from the primary resistance level of $0.6611. The stock price of Canoo must sustain the primary resistance to continue its recovery toward the secondary resistance level of $0.8010. For GOEV stock to recover and reach $1, it must maintain the accumulation rate of buyers during the recovery phase.
Canoo stock price has been caged below the $0.6611 resistance. However, GOEV shares tried to break out of the resistance but couldn’t sustain it there. Meanwhile, this time analysts speculate that GOEV share price may surge with a strong uptrend momentum to reach the $1 mark.
GOEV stock price was at $0.4765 and gained 7.85% of its market capitalization during Monday’s trading session. The trading volume was below average and needs to grow during Tuesday’s trading session.
Will GOEV Stock Price Reach $1 Mark?
GOEV stock price needs to maintain its recovery from the lower level to reach the $1 mark. Meanwhile, Canoo shares need to maintain the accumulation rate of buyers during Tuesday’s trading session. However, the volume change was below average and needs to grow during Tuesday’s trading session. Analysts believe that GOEV shares may attain recovery to reach the $1 mark.
Over the course of one week, the stock price of GOEV has witnessed a decline of about 8.61%, and this downward trend has been even more pronounced over the span of a month, with a decrease of approximately 30.69%.
Additionally, Canoo’s stock has faced challenges over the past three months, experiencing a drop of around 26.23%, and this decline has intensified over a six-month period to about 45.29%. GOEV shares have encountered significant difficulties since the beginning of 2023, as they have suffered a substantial loss of approximately 62.48% year-to-date.
Technical indicators suggest the uptrend momentum of GOEV stock. The relative strength index and moving average convergence divergence both confirm the recovery phase of Canoo stock.
RSI was at 41 and is heading towards neutrality. The MACD line is moving toward the signal line for a positive crossover. Investors in Canoo Inc. (NASDAQ: GOEV) need to wait until GOEV stock approaches the primary resistance level.
Summary
Canoo Inc., GOEV stock price is trying to surge towards the primary resistance level and must sustain to continue the surge. Canoo stock price has been caged below the $0.6611 resistance however, GOEV shares tried to break out of the resistance but couldn’t sustain there. Technical indicators suggest the uptrend momentum of GOEV. Investors in Canoo Inc. (NASDAQ: GOEV) need to wait until GOEV shares approach the primary resistance level.
Technical Levels
Support Levels: $0.4408 and $0.4170
Resistance Levels: $0.55 and $0.6611
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 stock comes with a risk of financial loss.
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/2023/08/22/canoo-inc-goev-stock-gained-7-85-on-monday-1-level-incoming/