GOEV Stock Price Prediction: Canoo Inc. ($GOEV) Stock May Rally?

EV startup Canoo’s shares dropped below $1.00 amid the $52 million discounted stock sale, GOEV stock price falters to gain support while some analysts are still bullish over GOEV.
GOEV stock price slipped below 20, 50, 100 and 200-days Daily Moving Average.
Canoo Inc is a Electric Vehicle manufacturing startup based in California, America and Canoo was founded in 2018.

GOEV stock price fell below the consolidation phase on 6th February and has been slipping since then over the charts. Canoo’s GOEV shares have been following the descending streak since July 2022 and consolidated for a while from October 2022 to February 2023. However, GOEV share price couldn’t sustain above $1.00 and might slip more.

Some analysts on the different side believe that GOEV stock price might rally during 2023 relieving the investors in Canoo Inc. Financial analysts from a prestigious financial institution believe that there is still a way for GOEV share price to skyrocket from the lowest level. Nevertheless, sellers have been barging the GOEV shares with rigorous selling pressure from 2022. Other EV manufacturers like Tesla and Rivian are surging despite the other struggles in the EV market.

GOEV stock price was at $0.93 and has gained around 3.65% by the end of Tuesday’s trading session. Trading volume can be seen thriving to raise the bar above average. Also, Fib Retracement highlights some exciting levels to be attained by the GOEV stocks in the near future.

GOEV stock price has been slipping since July 2022 and has slipped below $1.00, now buyers need to accumulate themselves to provide a kickstart to the GOEV shares. Canoo Inc got a strong sell out just after its $52 million discounted stock sale. However, buyers are still present in the trade as they tried to push the GOEV share price on yesterday’s trading session.

It is pretty obvious that customers are hesitating now to purchase GOEV shares as the GOVE stocks have slipped around 14.02% in a week and have fallen around 26.02% Year to Date. We can say that 2023 has not been that good for GOEV stocks till now. However, some analysts do believe in GOEV shares and they speculate that GOEV stock price might revert back from its ashes. Analysts speculate that GOEV share price might reach above $3.00 by mid of 2023.

Fib Retracement Hints Exciting Levels for GOEV Stock Price

Fib Retracement highlights some exciting levels to be attained by the GOEV stocks in the near future. At first GOEV share price needs to recover above $1.85 resistance level to reach the $2.94 resistance level by mid 2023 and then the GOEV stock price might rally towards its first milestone which is at $5.00. Afterwards, the further milestones for GOEV share price are marked at $7.55, $11.68, $15.81 and $18.36 respectively. GOEV share price may clear all of the milestones by the end of 2023, says analysts.

Will Canoo Inc Stock Reach $5.00?

Technical indicators suggest the uptrend momentum of GOEV stock price. Relative strength index showcases the upside trend of GOEV shares. RSI was at 36 and turning towards neutrality hinting the stocks recovery. MACD exhibits the sustainability issue of GOEV shares. The MACD line is still below the signal line and has been waiting for a positive crossover. Investors in GOEV stocks need to wait until the GOEV share price breaks out of the primary resistance level of $1.05.

Summary

GOEV stock price fell below the consolidation phase on 6th February and has been slipping since then over the charts. Some analysts on the different side believe that GOEV share price might rally during 2023 relieving the investors in Canoo Inc. Fib Retracement highlights some exciting levels to be attained by the GOEV stocks in the near future. Technical indicators suggest the uptrend momentum of GOEV share price. RSI was at 36 and turning towards neutrality hinting the stocks recovery. Investors in GOEV stocks need to wait until the GOEV share price breaks out of the primary resistance level of $1.05.

Technical Levels

Resistance Levels: $1.05 and $1.50

Support Levels: $0.90 and $0.85

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 any stock or 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