If we look at the chart, $RIVN seems to be making lower highs and lower lows.
This recent move up was just a retest of resistance at $47. On top of that, on lower timeframes (2hr), we seemed to have formed a double top.
This leads me to believe we're about to see another leg lower. If Rivn falls from here and loses the $37 support, I think it's likely that we'll see the low to mid 20 range. Supports on the chart.
After that, I can see RIVN bouncing, but eventually I think it could see the $8 range before reversing it's trend back to bullish.
Let's see how the next few weeks and months play out.
This recent move up was just a retest of resistance at $47. On top of that, on lower timeframes (2hr), we seemed to have formed a double top.
This leads me to believe we're about to see another leg lower. If Rivn falls from here and loses the $37 support, I think it's likely that we'll see the low to mid 20 range. Supports on the chart.
After that, I can see RIVN bouncing, but eventually I think it could see the $8 range before reversing it's trend back to bullish.
Let's see how the next few weeks and months play out.