Is Canoo Stock Ready to Bounce Back Above $1 Mark?

GOEV stock price has formed a base after a massive fall and is ready to rise again from the current lows. In recent times, buyers have tried hard to surpass the 50 and 100-day EMA levels.

Investor sentiments regarding the GOEV price are indecisive at the moment and may remain negative unless the buyers start stepping into the price action with substantial momentum. However, according to the technical indicators and price action, the odds are lining up in the bulls’ favor.

At press time, GOEV stock was trading at $0.5254 with a minor intraday gain of 0.98% breaking below the key moving averages and showing bearishness on the charts. Moreover, the intraday trading volume is 13.943 Million, and the average 10-day volume is 26.971 Million. The market cap of Canoo stock is 330.14 Million.

The Canoo stock performance has been dismal throughout the year. It has suffered negative returns of -58.63% in the year-to-date period, -3.77% in the last six months, and -11.70% in the last week. This shows a persistent bearish trend that has not reversed yet.

Will GOEV Stock Price Break Above the $1 Level?

GOEV stock price needs to attract buyers to surge towards the upper trendline of the consolidation phase over the daily time frame chart. Meanwhile, the GOEV share price is trying to gather support and surge towards 20, 50, 100, and 200-day daily moving averages. Canoo shares have been consolidating inside the horizontal price range of $0.8177 and $0.4116.

Canoo stock price must initiate its recovery rally to reach the upper threshold of the consolidation phase. However, the stock needs to accumulate buyers in order to surge towards its recovery phase. Meanwhile, the stock price has slipped below the 20, 50, 100, and 200-day daily moving average.

Technical indicators suggest the consolidation phase of the stock price. The relative strength index (RSI) showcases the sideways momentum of the stock. RSI was at 46 and is heading towards the oversold territory.

MACD exhibits the consolidation phase of the Canoo stock price. The MACD line is flat above the signal line waiting for any type of crossover. Investors in the stock need to wait for any directional change over the daily time frame chart.

Summary

On the daily time frame chart, the Canoo stock price has been consolidated between the horizontal price bands of $0.8177 and $0.4116. However, in order to accelerate towards its recovery phase, Canoo must amass purchasers. The price of stock dropped 11.70% in a week and rose 1.04% in a month. Technical indicators point to a period of price consolidation for the GOEV stock. Investors in Canoo stock must watch the daily time frame chart for any directional changes. Investors and traders should wait for proper setup before making the next move and avoid FOMO.

Technical Levels

Support Levels: $0.4437 and $0.2948

Resistance levels: $0.8428 and $1.1168

Disclaimer

The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.

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