UPST stock depicts a bearish trend in the past few months, plunging below its significant moving averages. The stock price descends from the start of the (Q1 2022) earnings report. The stock reported negative statements below the estimates leading to a drop in asset prices. The stock fell more than 50% this year, giving negative returns to its investors. Although, the recent quarter ( Q4 22 ) reported a mild neutral report, better than its previous earnings, which impacted the stock price to rebound from the bottom near its 52-week lows.
UPST was $18.04 during Friday market sessions, offering a rebound and forming a Doji candle. Although Q4 earnings reported last week also favored bulls to cure up the muscles and romp the momentum. Moreover, an increase in volume was also noticed this week, showing comparable strength.
UPST, a leading cloud-based artificial intelligence lending platform, did not reach new highs during the year. The stock hit fresh lows with huge seller participation.
Bulls have been trying to heal their muscles amid the corrective moves of the stock in recent months. Moreover, the chart showcased a falling wedge pattern which marks upside targets for the stock in the upcoming months. However, the price action indicates that the stock has completed the bearish cycle and is ready to accumulate. Meanwhile, the gap is also yet to fill in upcoming sessions when stock gave fresh swings above $22.
Daily chart shows bulls prepping for a long shot
On the daily chart, UPST stock recovered 20% in the last 7 days, revealing the helping hands of buyers. The stock marked a fresh all-time low of $12 last month, following which the buyers accumulated stock price from the demand zone. A neat, clean cup and handle pattern was noticed on the bottom. This signals that if the bulls succeed in sustaining above 20 day EMA, immediate resistances of $25 and $30 will be pushed in upcoming months.
UPST stock shows recover from base
UPST stock on the short-term chart indicates a comeback from its lows. If the upper trendline breaks, the immediate hurdle of $20 may be shattered. The RSI shows neutral perspectives plotting near 50, while a double bottom structure was also depicted on the chart, which helps to soar the prices. The stock needs to sustain above 20 day EMA to attain further delights.
Moreover, the MACD indicator gives neutral sentiments and is not giving clear signals, as both curves intersect each other.
Buyers accumulated stock prices this week and tried to hold the range above $20. As per the Fib levels, the stock faced resistance near $25 and retraced back. The price holds nearly 23.6% of the Fib level at $18. If the stock goes below $17, fresh lows may be seen.
Technical Levels
Support Level : $15 and $12
Resistance Level: $20 and $25
Conclusion
UPST stock has taken support, holding the trajectory lows near $15 and heading towards an upside range of $25. The sentiments have switched in the recent week, and the price is gaining traction.
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 assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/02/26/upstart-holding-nasdaq-upst-will-upst-stock-make-20-mark/