GOEV stock price fell 31.84% in the current month and the sell-off is still continuing. It broke down the lower range support declines by forming lower low candles. Canoo’s stock price is in a downtrend and trading below the 50-day EMA. The price pattern of the stock is highly bearish and no signs of recovery are visible.
Previously, GOEV stock price consolidated for 6 months in the range between $0.4207 to $0.8000. The volatility of the stock is too high showing that speculators are more active as compared to investors.
Recently, sellers took over the control and dragged the price below the lower which invited further downfall. If any short-term pullback comes then the reliability of up move will remain doubtful.
However, if the price is able to climb above the 50-day EMA then a short covering rally may trigger. At present the price seems to be in the bear’s grip and sellers are continuing their dominance on the higher levels.
GOEV stock price closed the previous session at $0.3340 with an intraday decline of -0.86%. The market capitalization stands at $212.89 Million.
GOEV Stock Price is Collapsing
GOEV stock price is collapsing and genuine investors are exiting from the higher levels. The financials of the company are not up to mark and net losses of the company are getting bigger every year.
The future of the company does not look bright so it’s better to avoid investing money in the Canoo stock. The EV sector is good and has high growth opportunities.
Canoo Inc. is in the same field but due to certain reasons, the company is unable to generate nominal sales. Therefore, due to weak financials, the stock price continues to fall.
Canoo Stock Price is Bearish on a Multiple Time Frame
Canoo stock price is bearish on multiple time frames. In the current week, it fell 20% (approx.) and expanded the range downward. The price action favors the bears and suggests more downside is possible.
The MACD curve slopes down and drops below the zero line. The histogram bar is red indicating weakness and bearish momentum might continue. Whereas, the RSI at 27 enters into the oversold territory so it increases the risk of a short squeeze.
Conclusion
GOEV stock price fell 31.84% in the current month. It broke down the six-month low and expanded the range downward. Canoo stock price is in the bears’ grip and the probability of recovery or upside reversal is low.
Technical levels
- Resistance levels: $0.4207 and $0.6000
- Support levels: $0.3000 and $0.2000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets 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/2023/10/15/goev-stock-price-analysis-canoo-stock-downfall-continued/