- Carvana’s stock price is showing massive bullish strength and the price is forming higher highs.
- Carvana’s stock price is currently trading at $55.83.
- Carvana (NYSE: CVNA)’s live market cap is $9.3 Billion.
Carvana Co. (NYSE: CVNA) is a well-known e-commerce site known for purchasing and selling old cars. By redefining the car-buying process with its cutting-edge online marketplace, the company has attracted a lot of attention and fame. Carvana has revolutionized the retail automobile industry by allowing customers to browse, finance, and buy cars online.
According to an analysis of the weekly timescale, the Carvana stock price is exhibiting signs of increasing momentum, and fresh highs are being established.. The price has climbed roughly 19% over the last one day.
In August 2022, the stock price increased to a swing high of $58; but by year’s end, it had fell more than 93% and reached a new low. However, it did find support close to the $3.0 level, and since then it has quickly recovered, rising by 1380% in just six months. The stock has moved from a downtrend to an uptrend as a result of this significant shift, reversing the earlier downtrend.
Currently, the price of Carvana (CVNA) is trading near the important resistance level of $55.80. If the price breaks this level, one can expect the next resistance level near $103.
The stock price of Carvana got a rise of 43.5% in a week. Representing stock has very good strength.
Carvana (CVNA) Stock Price Analysis
The 20, 50, and 100-day Exponential Moving Averages (EMA) for Carvana’s stock are visible on the price chart and are situated below the current price level. This indicates a possibility of a future price increase.
The MACD indicator shows a green histogram and both the MACD line and the signal line are above the zero line. This alignment suggests a high velocity, which may point to an upward market movement.
On the other hand, the chart shows a steady increase in volume, which indicates that there is more market activity going on. The increase in volume indicates that consumers are entering the market at a lower price which supports the idea that there will be a price increase in the future.
Conclusion
The analysis reveals that Carvana’s (CVNA) stock price is unmistakably exhibiting potential growth. A strong pattern with higher highs is a sign of strength in the stock. Additionally, there are indications of an uptrend, which raises the likelihood of an upward price movement.
Technical Levels
- Support: The current support level of Carvana (CVNA) is $34.
- Resistance:The current resistance level of Carvana (CVNA) is $57.
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.