Will EVGO Stock Sustain Above $3.45 Mark & Reach $5.00?

EVGO stock price has been consolidating at the lower levels and may sustain near $3.45 to surge towards the $5.00 recovery level. However, sellers have been shorting the EVGO shares steadily since August 2023. Nevertheless, buyers tried to take charge in between but couldn’t sustain at the $4.20 resistance level and remained stuck inside the consolidation phase. The stock price of Evgo returned from the $5.96 recovery level. The buyers have been trying to initiate the recovery phase but failed multiple times.

Evgo stock price was at $3.59 and lost 1.64% of its market capitalization intraday. Trading volume is below average highlighting the accumulation rate of sellers. However, buyers need to come forward for the rescue of Evgo share price.

Will EVGO Stock Initiate its Recovery Phase?

EVGO Stock price has been trying to recover and reach the $5.00 mark but failed to maintain the uptrend. Nevertheless, buyers need to accumulate in order to push EVGO upwards. Meanwhile, EVGO shares slipped below the 20, 50, 100 and 200-days daily moving averages. EVGO share price has been consolidating inside the price range of $3.47 and $4.20.

The EVGO experienced a 10.70% drop in its share price over the course of a week and a more significant decline of 11.58% within the past month. Looking further back, the share price has slipped approximately 5.53% over the last three months and a substantial 34.85% over the last six months. Additionally, year-to-date, EVGO shares have seen a decrease of 23.94%.

Technical indicators highlight the fall in EVGO stock price. Relative strength index (RSI) and moving average convergence divergence (MACD) both confirm the fall of EVGO shares.

RSI was at 39 and is heading towards the oversold territory. The MACD line is below the signal line after a negative crossover. Investors in Evgo Inc. (NASDAQ: EVGO) need to wait for any directional change near the $3.45 support zone.

Summary

EVGO stock price has been consolidating at the lowest and may sustain near $3.45 to surge towards the $5.00 recovery level. Nevertheless, buyers need to accumulate in order to push EVGO upwards. Additionally, year-to-date, EVGO shares have seen a decrease of 23.94%. Technical indicators suggest EVGO stock is likely to fall. Investors in Evgo Inc. (NASDAQ: EVGO) need to wait for any directional change near the $3.45 support zone.

Technical Levels

Support Levels: $3.55 and $3.45

Resistance Levels: $3.75 and $4.00

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 or stock comes with a risk of financial loss.