Million

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Enovix stock price closed at $11.83 while observing a loss of 3.9% during the last intraday trading session.</a> </li> 
 <li> <span>2</span> <a>Enovix to acquire Routejade, a Korean battery manufacturer, by the end of quarter 4.</a> </li> 
</ul> 
<p>Enovix (ENVX) stock price has been in an uptrend since the start of 2023, forming higher lows and rising from the support level of $7. The stock price surged roughly 240% from the support level, creating an annual high of $23.90.&nbsp;</p> 
<p>On August 17, ENVX stock price broke the bullish trend and headed downwards. The stock price formed support at $13.10 and commenced a bullish rally to retest the bullish trend line.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="561" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-719-1024x561.png" alt="Enovix (ENVX) Stock Acquires Routejade; ENVX Stock Plunges&nbsp;" class="wp-image-170554" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-719-1024x561.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-719-300x164.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-719-768x421.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-719-750x411.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-719-1140x625.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-719.png 1472w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Source: ENVX Stock Price By <a href="https://www.tradingview.com/x/IcnLrkqT/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>ENVX stock faced rejection from the bullish trend line and $15, which pushed the price back toward the recent support of $13.10, which was shattered. Enovix stock price melted further. If the bearish momentum continues and ENVX stock price shatters $11.60 support, it may melt toward the next critical support of $10.50.&nbsp;</p> 
<p>On the other hand, if $11.60 can hold the price, it may retest the previous zone. However, bearish momentum is pretty strong and the probability of a bullish move playing out is low. Enovix needs to break above the resistance level of $16 to retest the annual high and gain bullish momentum.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-why-did-enovix-stock-fall-in-the-past-few-trading-days-strong"><strong>Why Did Enovix Stock Fall in the Past Few Trading Days?</strong></h2> 
<p><a href="https://www.thecoinrepublic.com/2022/11/02/how-sustainability-can-push-envx-stock-price-higher/" target="_blank" rel="noopener noreferrer nofollow">Enovix</a>, a next-generation battery maker, has declined in the last few trading days. The stock price has eroded more than 18% in the current week. On August 20, Enovix announced its purchase of Routejade, a privately held Korean battery maker, in a cash and stock deal. The battery maker is parting with approximately 6.2 Million shares of its common stock, plus $16.5 Million in cash, to effect the purchase.&nbsp;</p> 
<p>Routejade is a developer and supplier of lithium-ion batteries that targets the market’s consumer health and military segment. The acquisition is because Routejade holds a patent for encapsulation technology that can be applied to different battery form factors.&nbsp;</p> 
<p>Investors strongly disapproved the recent acquisition for $16.5 million plus nearly $73.3 million in value of common stock, which equals roughly $90 million. Investors might be thinking that’s a rich price to acquire. Enovix had over $343 Million on its book at the end of the recent reported quarter.</p> 
<h3 class="wp-block-heading" id="strong-will-envx-stock-drop-below-10-psychological-level-strong"><strong>Will ENVX Stock Drop Below $10 Psychological Level?</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="561" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-720-1024x561.png" alt="Enovix (ENVX) Stock Acquires Routejade; ENVX Stock Plunges&nbsp;" class="wp-image-170555" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-720-1024x561.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-720-300x164.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-720-768x421.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-720-750x411.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-720-1140x625.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-720.png 1472w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Source: ENVX Stock Price By <a href="https://www.tradingview.com/x/wXt0xCX5/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>The <a href="https://www.thecoinrepublic.com/2022/11/02/how-sustainability-can-push-envx-stock-price-higher/" target="_blank" rel="noopener noreferrer nofollow">stock price</a> has 20, 50, 100, and 200-day exponential moving averages, suggesting bearish momentum. Chaikin money flow score is -0.21, indicating weakness in the market. The relative strength index has entered into an oversold zone, which indicates the possibility of reversal, but currently, the stock price has not shown any signs of bullishness.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion&nbsp;</strong></h4> 
<p>Investors have signaled strong disapproval of the acquisition which has fueled the bearish momentum.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<p>Major support: $10.50 and $9</p> 
<p>Major resistance: $15 and $17.80&nbsp;</p> 
<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>

Enovix (ENVX) Stock Acquires Routejade; ENVX Stock Plunges

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