Resistance

MELI

Libre

Simply

Billion

<ul class="list-ic vertical"> 
 <li> 1 <a>The year-to-date return of Mercadolibre Inc. is 63.86% while the three-month return is 11.07%</a> </li> 
 <li> 2 <a>Mercadolibre stock price trades above the 20, and 50-day daily moving average, buyers are dominating over sellers, and the price is near key resistance.</a> </li> 
 <li> 3 <a>Mercadolibre Inc. ( NASDAQ: MELI) stock’s 52-week price range is around $600 – $1421.</a> </li> 
</ul> 
MercadoLibre (MELI stock) Classifieds, an online classified listing service, where users can purchase and list vehicles, real estate, and services; Mercado Libre Ads, an advertising platform, which allows and enables large retailers and brands to promote their services and products on the web; and Mercado Shops, an online storefronts solution that enables users to promote, setup, and manage their own digital stores.&nbsp; 
In the Mercadolibre (MELI stock), Baillie Gifford &amp; Co. is the top shareholder of MELI stock and owns 12.76% of the company, with a current value of $9.1 Billion and a total MELI share count of 6,389,959. The second top holder is the Capital Research and Management Company which owns 8.38% of the company, with a current value of $6.0 Billion and a total MELI share count of 4,200,018. Moreover, in the recent insider transactions of MercadoLibre Inc., in the last three to six months, 450 shares of MELI shareholding have been sold worth $563.9K in the multiline retail company. This data is as per, Simply Wall St. 
According to the price action, it seems that the MELI stock is ready for a significant increase with potential growth in price for the upcoming sessions. Buyers are actively trying to keep these levels, showing their dedication to the MELI stock’s upward direction. 
MELI stock has been rising from June 2022 even before the beginning of 2023 and has shown buyer accumulation. Moreover, it is noticed that the buyers nearly bought the stock on most of the quarter reports in the previous sessions resulting in a price surge. 
MELI stock price was at $1421.64 with an intraday surge of 3.59%. Moreover, the intraday trading volume of MELI is 549.174 K more than the 10-day aggregate volume of 498.401 K. The stock has bounced back after every reversal and has a market cap of $71.214 Billion. Analysts gave a strong buy rating with a yearly target price of $2180, suggesting a growth outlook for future sessions.&nbsp; 
The MELI stock (Mercadolibre Stock) continues to show bullish momentum in the uptrend above the key moving averages. On the daily charts, MELI stock is in the bullish zone and has maintained the uptrend above the 20 and 50-day EMAs. 
Based on recent data, the revenue of Q2, 2023 was $3.415 Billion with a net income of $262.0 Million. Moreover, the MELI stock estimated EPS for Q2’ 23 was 4.34, and the reported EPS was 5.16 which gave a positive surprise of 18.93%. Moreover, the forecasted EPS for the next quarter is positive at 6.09. 
<h2 class="wp-block-heading" id="strong-technical-analysis-of-meli-stock-price-in-1-d-timeframe-strong">Technical Analysis of MELI Stock Price in 1-D Timeframe</h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
 <img decoding="async" src="https://lh5.googleusercontent.com/z4X_JWf0HXe-20Tqv2twddIH6NQ-gaf25JT3lyuFXFnykoUfeGhlVcrMGZbpHu19rGL8Ox9ub-8Xjn1R_dX9WNy-Oz1yl1Ku8i1iBmyerAklbyE25UGbaGWItb7IBcvaF3WcIG_-YgEk8DtA60jzKbk" alt="MELI Stock Forecast: Is (NASDAQ: MELI) Price Keep On Boosting?"> 
 <figcaption class="wp-element-caption">
 Source: MELI.1D.NASDAQ by TradingView 
 </figcaption> 
 </figure> 
</div> 
As per price action, MELI was in a bullish trend from June last year even before 2023 started. The MELI price found support around $600 and was strongly bought as it was available at a discount. From the low of $600 to the high of $1421 and still rising, the journey was zig zag and upwards, the high was reached by September 1st, 2023. Moreover, the price spent a fair amount of time on Fibonacci levels of 78.60%, 38.20%, and 23.60% and stepped up smoothly from these Fibo levels. 
The CMP is $1421.64 (at press time), it is observed that on nearly most quarter reports, the MELI stock is bought in previous sessions. 
The current stock price of MELI stock might achieve more, there is a possibility for the price to move toward the next resistance level of $1451 and an annual high of $1474. 
On the other hand, if the price breaks below the $1366 significant support level, it might fall toward $1331 and beyond. 
At the time of publishing, Mercadolibre Inc.(NASDAQ: MELI) is trading above the 20, and 50 EMA. RSI is around 66, turned bullish as it took 14 SMA support and MACD crossed each other and a bullish cross is noticed. 
<h3 class="wp-block-heading" id="strong-summary-strong">Summary</h3> 
<a href="https://www.thecoinrepublic.com/2023/08/05/meli-stock-added-around-158-30-intraday-might-surge-further/" rel="noopener noreferrer nofollow">The MELI stock price</a> has risen above $1366 to regain bullish momentum and if it holds then it might potentially break the annual high. Technical parameters for MELI also support the increase in bullish momentum. Mercadolibre Inc. (NASDAQ: MELI) stock prices are bullish on the 1-D time frame as indicators turned bullish. The traders and investors also suggest positive buying sentiments. 
<h3 class="wp-block-heading" id="strong-technical-levels-strong">Technical Levels</h3> 
Support levels: The nearest support levels for the MELI price are $1366 and $1331. 
Resistance levels: The nearest resistance levels for the MELI stock price are $1451 and $1474 
<h4 class="wp-block-heading">Disclaimer</h4> 
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

MELI Stock Forecast: Is (NASDAQ: MELI) Price Keep On Boosting?

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