- American electric car manufacturer Lordstown Motors Corporation is based in Lordstown, Ohio.
- RIDE stock price has declined over 60% year to date as it has been declining since 2021 over the daily time frame chart.
- RIDE share price has been declining through a falling wedge pattern since it lost some concentration of trades up to some instant.
Ride stock price has been declining since 2021 over the daily time frame chart. However, this short situation has caused havoc in the market regarding investments to be made in Lordstown Motors Corporation (NASDAQ: RIDE). Meanwhile, buyers are trying to push the token from the falling wedge pattern as it is currently trading at the upper trendline of the falling wedge. RIDE share must increment the trading volume as it is presently below average.
Ride stock price was trading at $1.14 and has gained 7.62% of its market capitalization during the day’s trading session. However, the accumulation rate is pretty lower as compared to the required rate and buyers need to come forward to save Ride stock price from falling.
Ride stock price has been following a declining streak over the daily time frame chart and has dropped over 65% year to date. Ride share price must accumulate buyers in order to sustain at the current level. Meanwhile, RIDE share has dropped around 20% in a span of a month. Nevertheless, RIDE stock has lost around 40% in a quarter. RIde stock has slipped below 20, 50, 100 and 200-days Daily Moving Average.
Ride Stock Price Prediction 2023:
The consensus target price among the three analysts that are providing 12-month price projections for Lordstown Motors Corp. is 1.00, with a high estimate of 2.00 and a low estimate of 1.00. From the most recent price of $1.04, the median estimate reflects a decline of -3.85%.
Is it a Strong Bullish Signal by RSI?
Technical indicators suggest that RIDE share has been strongly surging towards the upper trendline of the falling wedge pattern over the daily time frame chart. Relative Strength Index showcases the strong uptrend velocity of RIDE share price. RSI is at 34 and is heading towards neutrality and is coming from oversold territory. MACD exhibits the uptrend momentum of RAID stock. The MACD line is heading towards the signal line for a positive crossover. RADI stock investors need to wait for any directional change over the daily price chart.
Summary
Ride stock price has been declining since 2021 over the daily time frame chart. However, this short situation has caused havoc in the market regarding investments to be made in Lordstown Motors Corporation (NASDAQ: RIDE). From the most recent price of $1.04, the median estimate reflects a decline of -3.85%. Ride stock price has been following a declining streak over the daily time frame chart and has dropped over 65% year to date. Technical indicators suggest that RIDE share has been strongly surging towards the upper trendline of the falling wedge pattern over the daily time frame chart.
Technical Levels
Support Levels: $1.00 and $0.90
Resistance Levels: $1.50 and $2.30
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/29/lordstown-motors-corp-investors-resting-ride-stock-price-prediction-2023-tcr-exclusive-technicals/