1 Rivian stock price (NASDAQ: RIVN) is stuck in the narrow range of consolidation. 2 RIVN stock price sustains above the 50-day and 200-day EMA showcasing uptrend. 3 Rivian Automotive stock is up by 50% on a YTD basis. Rivian stock price (NASDAQ: RIVN) is up by 50% on a YTD basis...
- 1 Rivian stock price (NASDAQ: RIVN) is stuck in the narrow range of consolidation.
- 2 RIVN stock price sustains above the 50-day and 200-day EMA showcasing uptrend.
- 3 Rivian Automotive stock is up by 50% on a YTD basis.
Rivian stock price (NASDAQ: RIVN) is up by 50% on a YTD basis. It shows a surprising rally from the lows and reverses the positional trend in an upward direction.
RIVN stock price breakout of the $20.00 hurdle with a strong buying volume. It shows that some genuine investors might have accumulated from the lower levels.
The momentum in the Rivian Automotive stock halted near $27.00 and prices entered into narrow range consolidation. Buyers are trying their best to bring back the momentum but sellers seem to be active on higher levels. Therefore, it will not be easy for bulls to regain the momentum.
From the beginning of July, RIVN Stock begins to rise upward by forming higher highs. It created a positive hope for long-term investors. Previously, it consolidated for quite a long time near $16.00 and formed a strong base.
Due to that, the recent breakout looks sustainable, and short-term down move will be easily absorbed by the buyers. Rivian stock price closed the previous session at $26.05 with an intraday decline of -4.05%. The market capitalization stands at $24.47 Billion.
Will Rivian Stock rise further or revert down?
Rivian stock (NASDAQ: RIVN ) is in recovery mode and the buyers are dominating near the demand zone. As per the price analysis, $22.00 will act as immediate support for the bulls. Any short-term correction will have a high probability of bouncing back.
Till RIVN stock is sustaining above the 50-day EMA, the short-term trend is expected to remain in the bulls’ grip. However, the stock prices will gain momentum when buyers succeed to break out of the $28.00 hurdle.
On the other hand, if the prices slip below the 50-day EMA then bears might pull the prices down to $18.00.
RIVN Stock Price Analysis on the weekly time frame
RIVN stock forming a long tail rejection candle on the weekly time frame. It shows sellers are active and short-term correction is possible.
The MACD curve is reversing down and might display a negative crossover. It indicates mild bearishness and a sell-off is possible. However, the confirmation is still awaited. The RSI curve at 67 slopes down indicating bearishness and might test the neutral territory.
Conclusion
Rivian stock (NASDAQ: RIVN) lacked the bullish momentum near $7.00 and showed initial signs of a short-term correction. The technical analysis suggests that till RIVN stock sustains above the 50-day EMA, the probability of bounce back remains high.
Technical levels
- Resistance levels: $32.00 and $36.00
- Support levels: $22.00 and $18.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.