Will Canoo Inc. GOEV Stock Price Skip Declining Streak?

Canoo Inc’s GOEV stock price might skip this declining streak and adapt the recovery momentum says analysts.
On the other hand, GOEV share price has dropped more than 15% in the last week.
GOEV shares might initiate its recovery rally during 2023 and might surge significantly with increase in the demand of Electric Vehicles.

Goev stock price has been declining after leaving from the consolidation phase and now might revert back towards the recovery. GOEV share price has declined the most during 2022 and has continued its declining momentum in 2023. However, some analysts still believe that GOEV share price might surge back towards $1.00 to register its recovery.

About Canoo Inc (NASDAQ: GOEV)

Canoo Inc. is an American electric car manufacturer that specializes in developing cost-effective, subscription-based transportation options. The business was established in 2017 and has its corporate headquarters in Torrance, California.

The Canoo Electric Vehicle, the company’s first automobile, is a seven-seat electric van with a distinctive modular design that enables it to be tailored for a variety of uses, including ride-hailing, transportation services, and private use. With a single charge, the car can travel up to 250 miles and is fitted with cutting-edge safety features like automated emergency braking and lane departure detection.

Canoo has also made plans to create a small electric pickup vehicle and a sports car in addition to the electric van. The company’s vehicles are built on a scalable, economical platform that is simple to modify to suit the requirements of various marketplaces.

Canoo Inc’s GOEV stock price was at $0.6009 and has lost 3.13% of its market capitalization by the opening of Thursday’s trading session. However, sellers have been raiding GOEV share price to drag Goev shares.

Goev stock price has slipped below 20, 50, 100 and 200-days Daily Moving Average. GOEV share price went through hard times from the past year. GOEV shares have declined around 44.95% in a month and quarterly report of GOEV shares is negative with 54.89% loss in the three months.

GOEV Stock Price (NASDAQ: GOEV): Technical Indications

Technical indicators suggest the downtrend momentum of GOEV stock price. Relative strength index showcases the oversold condition of GOEV share price. RSI was at 27 and is moving towards the extreme oversold territory.

MACD exhibits the downward velocity of GOEV stock price. The MACD line is below the signal line after a negative crossover. Investors in GOEV stocks need to wait until the GOEV share price reverts back towards the primary resistance level of $1.00.

Summary

Goev stock price has been declining after leaving from the consolidation phase and now might revert back towards the recovery. Canoo Inc’s GOEV stock price was at $0.6009 and has lost 3.13% of its market capitalization by the opening of Thursday’s trading session. Canoo Inc. is an American electric car manufacturer that specializes in developing cost-effective, subscription-based transportation options. Technical indicators suggest the downtrend momentum of GOEV stock price. Investors in GOEV stocks need to wait until the GOEV share price reverts back towards the primary resistance level of $1.00.

Technical Levels:

Resistance Levels: $0.75 and $1.00

Support Levels: $0.55 and $0.50

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

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