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High volatility in Greenwave Technology Solutions, Inc. stock price on Friday which ended trading at $0.154

StockInvest.us, 1 month ago


The Greenwave Technology Solutions, Inc. stock price gained 4.05% on the last trading day (Friday, 17th May 2024), rising from $0.148 to $0.154. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 169.55% from a day low at $0.110 to a day high of $0.297. The price has been going up and down for this period, and there has been a 138.54% gain for the last 2 weeks. Volume fell on the last day by -721 million shares and in total, 1 billion shares were bought and sold for approximately $173.53 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

Due to the high volatility and the trend direction we are not able to give forecast range for this stock. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.

Greenwave Technology Solutions, Inc.

Mostly positive signals in the chart today. The Greenwave Technology Solutions, Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.0803 and $0.0986. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, May 13, 2024, and so far it has risen 269.54%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

Greenwave Technology Solutions, Inc. finds support from accumulated volume at $0.148 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.187 between high and low, or 169.55%. For the last week, the stock has had daily average volatility of 85.16%.

The Greenwave Technology Solutions, Inc. stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.

Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Check full Greenwave Technology Solutions, Inc. forecast and analysis here.