On Thursday, Sirius XM stock (SIRI) went up very fast by 35% in a short time. This made the stock stop and start several times because of the rules. The stock was pushed up by people who wanted to make money from those who bet against it.
The stock was at its highest level in two years, but it dropped a little before the end of the day. The stock is also connected to Liberty Media’s (FWONA) share in Sirius XM (LSXMA), which is changing its structure and separating its sports and music businesses. Liberty SiriusXM Group (LSXMA) went down 2% on Thursday.
Sirius XM Holdings Inc. makes less money than the average Media company. Its sales grew by 10% per year on average. It owes more money than it owns, with a debt-to-equity ratio of -291.4%. This is based on SimplyWall St., a website that gives financial information. It has to pay back $13.3 Billion and it has $10.0 Billion worth of things. It makes $2.0 Billion before paying interest and taxes and it can pay its interest 4.9 times. It has $53.0 Million in cash and things that can be turned into cash quickly.
The market capitalization of SIRI stock is $27.388 Billion and the total revenue is $9 Billion. Moreover, the SIRI stock’s basic EPS is $0.29 and the price-to-earnings ratio is 27.15. Moreover, the average volume is 29.379 Million and the current volume is 133.016 Million, the current volume is extremely above average volume in Sirius XM Holdings Inc ( NASDAQ: SIRI) stock.
Technical Analysis of Sirius XM Price in 1-D Time Frame
The price action shows that Sirius XM Holdings Inc. (NASDAQ: SIRI) stock bounced back from a major demand zone at around $3.46 and rose sharply by 21% in a month, making higher highs and lows.
Moreover, in the one-day time frame, in the SIRI stock chart, the stock formed a bullish pattern known as inverted head and shoulder. The SIRI price also broke out from the $4.96 support level. If the SIRI stock price maintains the current level, it could go up and reach the first and second targets at $7.92 and $9.10 respectively.
However, if the SIRI stock price faces rejection and falls, it might reach the nearest support levels at $6.00 and $4.96.
At the time of publishing, Sirius XM Holdings Inc. is trading above the 20, 50, 100, and 200-day EMAs (exponential moving average), which are supporting the Sirius XM stock price trend. Hence, Sirius XM price is expected to move upwards giving bullish signals over the daily time frame chart.
The current value of RSI is 76.75 points. The 14 SMA is above the median line at 74.78 points which indicates that the price is in an extreme overbought zone and a fall is anticipated next.
The MACD line at 0.6637 and signal line at 0.3974 are above the zero line and a bullish crossover was observed in the MACD oscillator which signals more bullishness for the SIRI stock price.
After analysing all these indicators, it is presumed that to sustain above, the SIRI price must spend time at the nearest support otherwise a fall might be imminent for SIRI stock in the near future.
Summary
As per Sirius XM price, it has risen by 21% in a month and formed a bullish pattern on the one-day chart. The SIRI stock price has broken out from a support level and could reach higher targets if it stays above the current level. However, the SIRI stock is in an overbought zone and could fall if it faces rejection. Therefore, Sirius XM Holdings Inc. (NASDAQ: SIRI) stock needs to consolidate at a support level to sustain the uptrend.
Technical Levels
- The nearest support levels: $$6.00 and $4.96.
- The nearest resistance levels: $7.92 and $9.10.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/07/22/sirius-xm-price-prediction-is-it-time-to-sell-siri-stock/