GOEV Stock Price Prediction: Will Canoo Inc (GOEV) Stock Reach $10 Ever?

GOEV stock price has plunged the most from 2022 following the bearing rally over the charts.
GOEV share price has dropped below 20, 50, 100 and 200-days Daily Moving Average.
Canoo is an American automotive startup that creates and produces electric vehicles. It is situated in Torrance, California.

Canoo Inc. (GOEV) stock price has been slipping since 2022 and GOEV stock price has also plunged below $1 level. However, there are allegations being made from some traders that it is much difficult for GOEV stock price to reach $10 in the future.

GOEV is one of the market leaders among other EV brands like Rivian and Lucid, but it seems like the never ending hard times for the GOEV stock have continued as the share price struggles to get support at the lowest level. GOEV share price has dropped around 20% in a quarter and around 73% in the last six months. GOEV investors need to wait for the share price to get support and revert back towards its recovery phase.

The Main Reason to Fall of GOEV Stock Price

Even more unsure is Canoo’s company’s future. The company announced on February 6th that it was seeking more than $50 million through a fresh share offering that would dramatically dilute existing stockholders. However, Canoo needs that money to pay for the initial manufacture of its versatile electric vehicles.

Investors view Tesla’s most recent price rise as evidence of the company’s strength and an additional challenge for start-ups like Canoo, Rivian, and Lucid to overcome. As each company works to boost output and build client bases while continuing to lose money, investors are selling their shares right now.

Goev stock price has been slipping since 2022 and has fallen the most by the start of 2023. However, January’s production report is still negative and the EV manufacturers like Canoo Inc (GOEV), Rivian and Lucid are trying to innovate themselves by introducing Electric Bikes. Rivian recently has announced that it is going to start manufacturing Electric Bikes.

GOEV stock price has lost the most during last year and was trying to sustain above $1 today. GOEV share price needs to attract more buyers as it has been facing backlash due to the shorting conditions. Meanwhile, Trading volume can be seen below average and needs to grow under influence of buyers. GOEV share price has dropped below 20, 50, 100 and 200-days Daily Moving Average.

Will Canoo Inc.’s (NASDAQ: GOEV) Stock Price Reach $10?

Analysts from different financial organizations believe that EV stocks like Rivian, Lucid and GOEV need to keep innovating during this tough time. One of the EV manufacturers, Tesla is the potential holder among all other EV stocks. Increase in price of Tesla models by Tesla Inc. had no negative effects on its stocks lately. However, analysts and the older investors of EV startups believe that someday EV stocks may recover the most in the near future.

Technical indicators are pretty divergent over the GOEV stock price. Relative Strength Index showcases the upward momentum of GOEV share price. RSI was at 37 and heading towards neutrality. However, MACD exhibits the downside trend of GOEV share price over the daily chart. Investors in GOEV stocks need to hold tight for the share price to surge over the charts.

Summary

Canoo Inc. (GOEV) stock price has been slipping since 2022 and GOEV stock price has also plunged below $1 level. Meanwhile, Trading volume can be seen below average and needs to grow under influence of buyers. One of the EV manufacturers, Tesla is the potential holder among all other EV stocks. Technical indicators are pretty divergent over the GOEV share price. Investors in GOEV stocks need to hold tight for the share price to surge over the charts.

Technical Levels

Resistance Levels: $1.10 and $1.50

Support Levels: $0.95 and $.90

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