LGVN Stock Price Prediction: Would Longeveron Stock Price Suffer More Bearish Pressure?

• LGVN stock was trading at $2.67 with an increase of +0.38% during the last intraday session.
• The price is below the 20,50,100 and 200-day EMAs.

Since its IPO, the LGVN stock made a high at $45 when the company’s Lomecel-B was granted a rare pediatric disease (RPD) designation by the FDA in november 2021 for the treatment of hypoplastic left heart syndrome (HLHS). The price took a downturn correcting the impulse move to $6 level.

LGVN price again started its bullish rally making a high at $15.80 but was not able to sustain and dropped down to the same price from where it started its bullish rally – near $3. The price presently is below that level and consolidated between the range of $2.80 and $4.45. Last week, the price broke the consolidation zone, and retested it to gain bearish momentum.

Per its financials, Longeveron suffered severe losses and has not been profitable for quite some time. At the start of 2023, the bulls took control to drive the price to the $4.45 level. The financial report of 2022 Longeveron was released on March 10, 2023 which pushed the price below the $3.40 dollar support. The EMAs (20,50,100 and 200-day) indicate strong bearish pressure on a daily time frame.

Technical Analysis: 

The RSI curve is in the oversold zone, below the median line of the 14-day SMA with strength of 26.95. The price is currently trying to find support at $2.65 level after retesting the consolidation zone. On the 4-hour chart, the RSI curve crossed the oversold zone and is currently at 36.25 with the median line acting as a support for the RSI curve. Price needs a pullback to complete its bearish move.

The price is presently trading at the lower band of the bollinger band indicating a possibility for the price to again enter the consolidation zone by making a support at $2.65. On a 4-hour basis the price rejected the 20-day SMA of bollinger.

The -DI is above the +DI which is obvious. The ADX at 48.75 indicates strong bearish momentum. On a 4-hour basis, the ADX took a dip as price established support at $2.65 to retest the consolidation zone. 

Conclusion: 

Longeveron is also considered as a memestock and has been in a bearish momentum since the release of the financial report for 2022. The company has not made any significant profits since the IPO. The weak financials concluded for the bearish momentum in the price. The market structure and price action suggests a strong bearish market. If price can find a strong support at $2.65 and consolidate, a correction to the impulsive move caused by the financial report news could be seen. The price could retest the $3.45 level which requires a strong bullish momentum. If the price breaks below the $2.60 level, there is a higher probability for the price to reach the $2.40 level. The technical parameter indicates a pullback for the correction of the impulse move.

Technical levels: 

Major support : $2.60

Major resistance: $2.80 and $3.60

Disclaimer:

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.