Candle

Resistance

<ul class="list-ic vertical">
 <li><span>1</span> <a>Carvana stock price (NYSE: CVNA) corrected 35% after hitting a 52-week high.</a></li>
 <li><span>2</span> <a>CVNA stock price is stuck between the 50-day and 200-day EMA.</a></li>
 <li><span>3</span> <a>Carvana stock price entered into a correction phase.</a></li>
</ul>
<p>Carvana stock price (NYSE: CVNA) reversed and corrected approximately 35% after hitting the 52-week high. It faces rejection from $57.00 and begins to decline by forming lower-low candles.&nbsp;</p>
<p>CVNA stock price dropped below the 50-day EMA; showcasing the short-term trend has turned down. However, the 200-day EMA is acting as a strong support for bulls and buyers are trying to halt the downfall.&nbsp;</p>
<p>Carvana stock price lost the bullish momentum and showed a decline. It eroded the gains generated in the last three months and returned back to the breakout level.&nbsp;</p>
<p>CVNA stock price is trading near the crucial support. So, it will be interesting to see whether the buyers are able to defend it or not.&nbsp;</p>
<p>The price pattern of the stock is bearish so short-term pullback might be to hold the higher levels.&nbsp;</p>
<p>However, till <a href="https://www.thecoinrepublic.com/2023/09/23/carvana-co-cvna-stock-lost-24-42-weekly-will-it-retest-40/" rel="noopener noreferrer nofollow">CVNA share price</a> sustains above $29.00, the buyers will remain active and try to rebound. At present, the sellers look more active as compared to buyers so more downside is possible in the coming months.&nbsp;</p>
<p>Carvana stock price closed the previous session at $37.87 with an intraday decline of -3.00%.</p>
<h2 class="wp-block-heading" id="strong-is-carvana-stock-price-prediction-bearish-for-november-strong"><strong>Is Carvana Stock Price Prediction Bearish For November?</strong></h2>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh4.googleusercontent.com/pWpzgtcQXog_9reDz3EnAi-a18oJ-roAjAP26cSasnTOAO2ZIRTB17QkFuKdu3MS-fNnibckUzZtP68DbiXR9oatrU_EuVRtiZvNcNg-mr_fFetRfB5viB5mh3PFVSRfbPpuM8P4DYx4Fb7E3ah2VFA" alt="Carvana Stock Fell 35% From High; Will CVNA Stock Decline More?">
  <figcaption class="wp-element-caption">
   NYSE: CVNA daily chart by <a href="https://www.tradingview.com/x/KBzlidFQ/" rel="noopener noreferrer nofollow">Tradingview</a>
  </figcaption>
 </figure>
</div>
<p>Carvana stock price is on the sellers’ radar and bears’ dominance is visible. Previously, the stock price broke out of the $30.00 hurdle with a high volume.&nbsp;</p>
<p>It indicates that some big investors had invested money for the long term. So, if the price comes closer to $29.00 support, then a short-term bounce back is possible.&nbsp;</p>
<p>The price behavior of the stock is low volatile so the speculative activities are less which decreases the probability of fake breakout and breakdown. The technical analysis suggests<a href="https://www.thecoinrepublic.com/2023/09/23/carvana-co-cvna-stock-lost-24-42-weekly-will-it-retest-40/" rel="noopener noreferrer nofollow"> CVNA stock</a> is in bears’ grip so a 10% to 20% more decline is possible.</p>
<h3 class="wp-block-heading" id="strong-cvna-stock-price-formed-inverted-hammer-candle-strong"><strong>CVNA Stock Price Formed Inverted Hammer Candle</strong></h3> 
<div class="tradingview-widget-container">
 &nbsp;&nbsp; 
 <div id="tradingview_57f4f"></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": "NYSE:CVNA",

  "interval": "D",

  "timezone": "Etc/UTC",

  "theme": "light",

  "style": "1",

  "locale": "en",

  "enable_publishing": true,

  "allow_symbol_change": true,

  "studies": [

    "STD;RSI",

    "STD;Supertrend"

  ],

  "container_id": "tradingview_57f4f"

}

  );

  </script>
</div> 
<p>CVNA stock price formed an inverted hammer candle on the weekly candle. It shows the strong presence of sellers on the higher levels. The broader market indices look mildly bearish so it may also indirectly impact the Carvana stock.&nbsp;</p>
<p>The RSI at 40 slopes down denotes weakness and if the RSI declines further, then the RSI may test the oversold zone. The MACD curve is sloping sideways indicating that the price might consolidate for some time in a narrow range.&nbsp;</p>
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
<p>Carvana stock price (NYSE: CVNA) is in a correction phase and sellers’ dominance is still visible. The price pattern of the CVNA stock is bearish and no signs of recovery are visible.&nbsp;</p>
<p>The analysis suggests that the CVNA share price is in a downtrend and 10% to 20% more downside is possible.</p>
<h5 class="wp-block-heading"><strong>Technical Levels</strong></h5>
<ul>
 <li>Resistance levels: $45.00 and $57.39</li>
 <li>Support levels: $29.23 and $17.72</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>

Carvana Stock Fell 35% From High; Will CVNA Stock Decline More?

Table of Contents

Thecoinrepublic.com

Other articles published on Oct 12, 2023

Internet Computer (ICP) Price Prediction 2024, 2025, 2030, 2040, and 2050

Senators Draft Policy to Combat Deep Fakes of Celebrities and Non-celebrities

The McRib Meme: A Curious Connection to Bitcoin and Stocks

Navigating Sam Bankman-Fried Trials: Raoul Pal’s Take on FTX-Solana Relations

Bitfinex introduces zero-fee trading for Latin America

All you need to know about the new Closed User Group (CUG) service rules by NCC

Join our free newsletter for daily crypto updates!