Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>SoFi Technologies&nbsp; Inc.’s SOFI stock price fell by 27% in August.</a> </li> 
 <li> <span>2</span> <a>SOFI stock price dropped below the 50-day EMA.</a> </li> 
 <li> <span>3</span> <a>SoFi Technologies stock (NASDAQ: SOFI) struggles to defend the $8.00 support.</a> </li> 
</ul> 
<p>SoFi Technologies Inc. (SOFI) stock price is in a short-term correction phase and fell 27% in August 2023. (NASDAQ: SOFI) are forming a bearish pattern and buyers are struggling to defend the $8.00 level.&nbsp;</p> 
<p>SoFi stock slipped below the 50-day EMA which showcases the initial signs of bearish trend reversal. However, the 200-day EMA slopes upward and is likely to act as an immediate support for the bulls.&nbsp;</p> 
<p>At the end of July 2023, SoFi Technologies stock hit a 52-week high of $11.70 after the release of earnings.&nbsp;</p> 
<p>Sofi share prices surged 19% in a single day and created a positive hope for the long-term investors. Moreover, the buying volume also surges which increases the reliability of upside momentum.&nbsp;</p> 
<p>Buyers in Sofi stock tried to hold the $11 level but unfortunately, sellers took control and prices faced rejection. Later, slowly, the correction in SOFI shares continued and prices began to decline by forming lower lows.&nbsp;</p> 
<p>Presently, Sofi stock price is near the 2-month low and buyers are trying their best to defend $8.00. SoFi stock (NASDAQ: SOFI) closed the previous session at $8.29 with an intraday rise of 2.09%. The market capitalization stands at $7.88 Billion.</p> 
<h2 class="wp-block-heading" id="strong-can-sofi-technologies-inc-stock-nasdaq-sofi-hold-8-00-strong"><strong>Can SoFi Technologies&nbsp; Inc. Stock (NASDAQ: SOFI) Hold $8.00?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh5.googleusercontent.com/NQbUXhjFeSa2bFzPbjnIxjBus4rEiZ-jiezqYbW5szrSBr-PTkj8xOdTA_IaaVPlXsDQybop-JJ4aPurE95LU8HIWujBeLr5nadipaRbX8Gc4Hbqw6e8K_SAvjgGos0kjmhdfrPbLNo4iVGKTBNn6Q" alt="SoFi Technologies Inc: Is Sofi Stock Good for Long-Term Pick?"> 
  <figcaption class="wp-element-caption">
    NASDAQ: SOFI daily chart by <a href="https://www.tradingview.com/x/nYv5uDmN/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>SoFi Technologies&nbsp; Inc. stock price (NASDAQ: SOFI) is near crucial support and entered into a narrow-range consolidation.&nbsp;</p> 
<p>SOFI stock prices have corrected a lot so bears are losing the downside momentum. Responsive buyers seem to be active near the $8.00 level and are trying their best to rebound.&nbsp;</p> 
<p>Till the Sofi shares hold the $6.55 level, the probability of bounce back remains high. However, the <a href="https://www.thecoinrepublic.com/2023/08/21/sofi-stock-nasdaq-sofi-fell-28-will-the-downfall-continue/" target="_blank" rel="noopener noreferrer nofollow">stock prices</a> will gain momentum when buyers are able to break the $10.00 hurdle. Till then, it is expected to consolidate for some more time.</p> 
<h3 class="wp-block-heading" id="strong-sofi-stock-negatively-affected-by-broader-market-sell-off-strong"><strong>SOFI Stock Negatively Affected by Broader Market Sell-Off</strong></h3>  
<div class="tradingview-widget-container">
  &nbsp;&nbsp; 
 <div id="tradingview_70374"></div> &nbsp;&nbsp; 
 <div class="tradingview-widget-copyright"> <a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow" target="_blank"><span class="blue-text">Track all markets on TradingView</span></a> 
 </div> &nbsp;&nbsp; 
 <script type="text/javascript" src="https://s3.tradingview.com/tv.js"></script> &nbsp;&nbsp; 
 <script type="text/javascript">

  new TradingView.widget(

  {

  "width": 950,

  "height": 500,

  "symbol": "NASDAQ:SOFI",

  "interval": "D",

  "timezone": "Etc/UTC",

  "theme": "dark",

  "style": "1",

  "locale": "en",

  "enable_publishing": true,

  "allow_symbol_change": true,

  "studies": [

    "STD;Supertrend"

  ],

  "container_id": "tradingview_70374"

}

  );

  </script> 
</div>  
<p>SOFI stock (NASDAQ: SOFI) did not perform well in August 2023. The broader market indexes Dow Jones, S&amp;P 500, and Nasdaq Composite have also traded with a bearish bias.</p> 
<p>It negatively affected the share prices of SoFi Technologies and tech companies’ stocks. However, if the correction in <a href="https://www.thecoinrepublic.com/2023/08/21/sofi-stock-nasdaq-sofi-fell-28-will-the-downfall-continue/" target="_blank" rel="noopener noreferrer nofollow">Sofi shares</a> continues and prices drop below $6.55, then more downside will open.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>SoFi Technologies Inc. (SOFI) stock price is in a short-term correction phase and fell 27% in the current month. However, the Sofi shares trading near the demand zone and correction zone seems to have taken a halt.&nbsp;</p> 
<p>Technical analysis suggests Sofi stock prices look fairly valued and might be a good pick for long-term investment.</p> 
<h5 class="wp-block-heading"><strong>Technical Levels</strong></h5> 
<ul> 
 <li>Resistance levels: $10.22 and $11.70</li> 
 <li>Support levels: $7.65 and $6.55</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>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.</p>

SoFi Technologies Inc: Is Sofi Stock Good for Long-Term Pick?

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Thecoinrepublic.com

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