Million

Resistance

MELI

Simply

Billion

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>The year-to-date return of MercadoLibre, Inc. is 54.76% while the three-month return is 11.98%</a> </li> 
 <li> <span>2</span> <a>MercadoLibre stock price trades above the 50, and 100-day daily moving averages.</a> </li> 
 <li> <span>3</span> <a>Mercadolibre Inc. (NASDAQ: MELI) stock’s 52-week price range is around $600.68 – $1451.56.</a> </li> 
</ul> 
<p>MELI is a company that provides online services such as listing and buying vehicles, real estate, and services; promoting products and services on the web; and creating and managing digital stores.&nbsp;</p> 
<p>MELI was at $184.83 in the last session and it went down by 0.64%. The trading volume of MELI was also lower than the average of the last 10 days. The market value of the company is $57.22 Billion and there are 251.706 Million shares available. The analysts suggest that this stock is a good buy and they have a target price of $230 for the next year, which means they expect the stock price to go up.</p> 
<p>According to the price action, the MELI stock looks like it may go up a lot soon. The buyers are very interested in this stock and they don’t want to let it go down.</p> 
<p>The MELI stock is still in an uptrend and is above the important moving averages on the daily charts. This means that the MELI stock is strong and the buyers are in charge over the charts. The stock has been ascending since June 2022 and it has not broken the trend.</p> 
<p>The Mercadolibre company had good results in Quarter 2, 2023. The revenue was $3.42 Billion and the net income was $262 Million. The (earnings per share) EPS was 5.16, which was higher than the expected by 18.93%. The EPS for the next quarter is also expected to be positive at 5.927.</p> 
<h2 class="wp-block-heading" id="strong-meli-stock-price-technical-analysis-in-1-d-timeframe-strong"><strong>MELI Stock Price Technical Analysis in 1-D Timeframe</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img decoding="async" loading="lazy" width="1024" height="566" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-608-1024x566.png" alt="MELI Stock Forecast: How Likely is (NASDAQ: MELI) to Hit $1600?" class="wp-image-169804" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-608-1024x566.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-608-300x166.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-608-768x424.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-608-750x414.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-608-1140x630.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-608.png 1461w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: MELI.1D.NASDAQ by TradingView
  </figcaption>
 </figure>
</div> 
<p>MELI stock price has been going up since June 2020 and it reached a high of $198 on September 1st, 2023. The MELI stock price was very cheap at $90 and many buyers bought it at the same price in the previous sessions. The MELI stock price did not go up in a straight line, but it bounced off the Fibonacci levels of 78.60%, 61.80%, 38.20%, and 23.60%.</p> 
<p>The MELI stock price is $1342.64 (at press time) and might go up more and reach the next resistance level of $1385.03 and the yearly high of $1451.56.</p> 
<p>But if the price goes down below the $1285.39 support level, it might go down to $1248.85 or lower.</p> 
<p>The MELI stock is trading above the 50 and 100-day EMA, which are moving averages that show the trend direction. The RSI is around 49, which means that the stock is neither overbought nor oversold. The MACD is showing a bearish cross, which means that the momentum is slowing down.</p> 
<p>The largest shareholder of <a href="https://www.thecoinrepublic.com/2023/09/02/meli-stock-forecast-is-nasdaq-meli-price-keep-on-boosting/" target="_blank" rel="noreferrer noopener">MELI stock</a> is Baillie Gifford &amp; Co., which owns 12.76% of the company, worth $9.1 Billion, and has 6,389,959 shares. The second largest shareholder is Capital Research and Management Company, which owns 8.38% of the company, worth $6.0 Billion, and has 4,200,018 shares. According to Simply Wall St., in the last six to nine months, insiders of MercadoLibre Inc. have sold 450 shares of MELI stock, valued at $563.9K, in the multiline retail company.</p> 
<h4 class="wp-block-heading"><strong>Summary</strong></h4> 
<p>MercadoLibre Inc. (NASDAQ: MELI) stock price shows that investors and traders are neutral to bullish over the daily time frame on the chart. Technical parameters for support neutral to bullish momentum. However, MELI stock price are unclear on the 1-D timeframe as indicators are giving mixed signals.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<p><strong>Support levels</strong>: $1285.39 and $1248.85</p> 
<p><strong>Resistance levels</strong>: $1385.03 and $1451.06</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>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.</p>

MELI Stock Forecast: How Likely is (NASDAQ: MELI) to Hit $1600?

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