Canoo Inc, GOEV stock price may recover to reach the $5 recovery level if it follows through the plan provided by reports. GOEV shares have been consolidating at the lowest level and can’t sustain at the upper threshold of the consolidation phase.
Canoo stock price needs to attract buyers in order to surge towards the upper threshold and sustain there to register its breakout. However, sellers have been continuously pulling GOEV share price towards the lower trendline of the horizontal range-bound area.
GOEV stock price slipped below the consolidation phase and reached the all time low of $0.41. Nevertheless, Canoo stock price managed to mark its return inside the consolidation phase from the demand zone over the daily time frame chart. Reports suggest that as soon as GOEV share price breaks out of the consolidation phase, then investors in Canoo Inc. may expect significant growth in GOEV stock.
GOEV stock price was at $0.6293 and lost 4.08% of its market capitalization during Wednesday’s trading session. Trading volume is below average and needs to grow during Thursday’s trading session.
Is GOEV Stock Price Ready For a Breakout?
GOEV stock price needs to accumulate buyers in order to register its breakout from the consolidation phase. However, in order to reverse the trend, the volume must increase in favor of the buyers.
Meanwhile, GOEV shares are trying to sustain above 20 and 50-EMAs to reach the 100 and 200-days daily moving averages.
Reports from esteemed financial firms suggest that Canoo Inc., GOEV shares may reach the $5 recovery level if it follows through the recovery plan.
GOEV stock price has gained 13.47% in a week and 24.42% in a month. This shows the growth of Canoo Inc. (GOEV) stock during 2023.
How will GOEV Stock Price Reach $5? – The Plan
The strategy to elevate GOEV stock price to $5 involves forming valuable partnerships with established automakers, implementing cost-saving measures, effectively implementing the electric vehicle subscription model, and building investor trust through a clear and well-executed recovery plan.
Additionally, Canoo Inc. aims to expand its market reach by introducing new electric vehicle models tailored to meet diverse consumer demands. The company plans to enhance its brand visibility through targeted marketing campaigns and improve customer satisfaction through exceptional service and support. These initiatives are expected to contribute significantly to the stock’s recovery and growth.
The EV market has faced its challenges, but once it stabilizes, companies like Canoo, EVGO, Lucid, Rivian, and others have the potential to flourish like Tesla Inc. led by Elon Musk. These companies are poised for significant growth in the future EV industry.
Fib retracement suggests some interesting levels will be attained by GOEV stock price during its recovery phase. At first, GOEV share price needs to register its breakout from the consolidation phase by sustaining at the $0.8010 and surge towards the $1.51 recovery level with mild consolidation.
After gaining and reaching the recovery level of $1.51 GOEV share price may recover towards the $5 mark. That path will include recovery from $2.18, $2.72, $3.26 and $4.03 respective resistances with a mild consolidation in between; after which GOEV may reach the $5 mark by the end of 2023 according to analysts.
Canoo Inc. (NASDAQ: GOEV): Technical Indications
Technical indicators are divergent over GOEV stock price. Relative strength index suggests downward momentum. However, moving average convergence divergence indicates the uptrend momentum of GOEV shares.
RSI was at 53 and is heading towards neutrality to be oversold. The MACD line is above the signal line after a positive crossover. Investors in Canoo Inc. (NASDAQ: GOEV) stock needs to wait for any directional change over the daily time frame chart.
Summary
Canoo Inc, GOEV stock price may recover to reach the $5 recovery level if it follows through the plan provided by reports. Fib retracement suggests some interesting levels will be attained by GOEV shares during its recovery phase. Technical indicators are divergent on the daily chart for Canoo stock.
Technical Levels
Support Levels: $0.5650 and $0.5025
Resistance Levels: $0.8010 and $1.10
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.
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
Source: https://www.thecoinrepublic.com/2023/08/03/canoo-inc-nasdaq-goev-stock-price-roadmap-to-5-in-2023-report/