- The IONQ Stock has declined 12% after its CSO and Co-founder Chris Monroe stepped down.
- It has melted down by over 48% from the Highs.
- The Stock is trading close to a crucial support level of $10.90.
The IONQ stock in its previous trading session has declined by over 12%. It was triggered after the resignation of Chief science officer and Co-Founder Chris Monroe. The stock price has formed a Shooting Star candle near the support level which can turn the game on either side. Furthermore, the stock price has been in a downtrend since 13 September and the stock has vanished over 48% of the gains since then.
IONQ stock has surged massively by about 500% since the beginning of the year. However, it has melted down half of the gains and is currently trading at 208% up from the lower level. This surge in price was aided by several rating firms, who have raised the target price on the IONQ stock. The average target price was $16, which is achieved by the stock effortlessly.
The Stock price has been on an uptrend since January 2023, and this has halted in the month of September. It reached a high of $21.60 on 12 September, but the stock witnessed a great profit booking that day. It has formed a shooting star candle which is considered bearish. If we look at the structure of the chart, it has recently changed its structure to bearish.
A Glimpse of the IONQ Stock Chart
The IONQ stock price is declining and the Bulls are looking clueless as of now and the sellers have been dominating the price for 1 month. The last candle the price has formed is also looking bearish which indicates that the bears are still active in the stock. The stock price has faced strong resistance near the level of $16 and it has faced the rejection twice from there.
At present, the stock price is looking weak at the support level of $10.90 as it has formed a bearish candle. Apart from that the next support level for the price is present at the level of $8.80. Considering the resistance level, $16 will be the level to watch for as the price has faced a strong rejection from there. Along with that the $20.10 will act as resistance to the price.
A Quick Glance on the Indicators
In the previous trading session, the stock price was able to close below the 200-day Exponential Moving Average. It is a clear sign that the stock has changed the trend and has become bearish. The 200-day EMA is present at the level of $11.61, which can act as a resistance for the price. The Relative Strength Index is currently placed at 30.07, which means the stock price has oversold and it can try to reverse from here
Conclusion
The IONQ stock price is close to the support level of $10.90 and the RSI is showing that it has oversold. The stock price can try to reverse from here but the EMA will restrict the price to go up. Furthermore, it has created a reversal candle at the support and an engulfing candle can reverse the price on the upside.
Technical level
Resistance – $16 and $20.10
Support – $10.90 and $8.80
Disclaimer
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.