The post SoFi Technologies Inc Stock Turn Bearish; What Next? appeared on BitcoinEthereumNews.com.

SOFI stock price has been on a downtrend for the past three months, as it faced resistance from the higher levels and formed lower lows. This shows that the bears have been in control and the stock has lost its momentum. The stock has also broken below the key moving averages, which indicates further weakness. The stock has created a bearish pattern and erased the gains it made in the previous months. SOFI stock has returned to its previous breakout level, which could act as a support. The technical analysis suggests that the stock is oversold and could bounce back from the lower levels. However, the stock needs to show some signs of strength and reversal before confirming a pullback rally. SOFI stock price is in a correction phase but trading near to crucial support of $7.00. If formed, a bearish candle indicates sellers are active and will try their best to downside the stock. Sofi Technologies’ stock price closed the previous session at $7.38 with an intraday rise of 1.65%. If the buyers succeed in defending the current support then the possibility of a bounce back will increase. However, if the sell-off continues and SOFI stock drops below lower levels more downfall is possible. Buyers tried multiple times to break the higher range and expand upward. However, due to the strong presence of sellers, prices faced rejection. It shows sellers are still active on higher levels.  Technical Analysis of SOFI Stock Price in 1-D Timeframe Source: SOFI.1D.NASDAQ by TradingView SOFI price is trading below the downward-sloping 50-day and 200-day EMA showcasing a downtrend. The MACD generated a negative crossover and the histogram is also red indicating bearishness. The current value of RSI is 39.08 points. The 14 SMA is above the median line at 46.90 points, indicating that the…

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Filed under: News - @ October 25, 2023 7:18 pm