Rivian Stock Price Prediction ($RIVN): Can Rivian Stock Surpass Tesla?

After gaining 136% in 2023, RIVN stock started 2024 with some bumps. Within the first 2 weeks of this year, Rivian’s stock declined by about 25%.

Rivian ($RIVN) Overview

This recent decline in RIVN stock price was due to challenges in cementing its position in the automotive industry. Despite positive reviews, the high price point of its trucks and SUVs acted as a deterrent.

Furthermore, the company faced setbacks in the fourth quarter of 2023 with fewer vehicle deliveries. This all added to the downward price movement of RIVN stock.

Rivian’s Eco-Friendly Roadmap: 2030 Goals for Sustainable EVs and Renewable Energy

However, the company’s future looks promising. Rivian recently shared a report about how it wants to make electric vehicles that are better for the environment. They aim to create a product by 2030 that has half the carbon footprint of their 2022 vehicles.

These include the R1T pickup truck and R1S SUV. To achieve this, Rivian plans to use more recycled materials. These include 70% recycled content in steel and aluminum parts and 40% in polymer materials by 2030.

Rivian also wants to reduce its carbon emissions by using more renewable energy. They aim for their factory in Illinois and all their facilities to run entirely on renewable energy by 2030.

Rivian is making investments in projects such as an 800 MW solar field in Kentucky. This is part of their effort to generate 2 GW of renewable energy specifically for customer charging.

According to Rivian, this amount of renewable energy can power a staggering 7 billion miles of driving.

See related stock forecasts for: $BRK.B | $RIO | $LULU | $ARKK

Rivian Stock Price Prediction: Market is Indecisive as Prices are Range Bound

The weekly chart analysis of Rivian Automotive Inc. indicates that prices exceeded the trendline in June 2023, subsequently maintaining a trading range between $12 and $25.

Presently, the RIVN stock is valued at $18.06.

Given the constrained price movement, providing a definitive RIVN price prediction proves challenging, as the market appears indecisive. The Awesome Oscillator offers mixed signals, with histograms above the zero line but with diminished volume.

Simultaneously, the Relative Strength Index (RSI) hovers around 50, reinforcing the perception of range-bound movement.

Over the past three weeks, RIVN stock has experienced a decline, approaching the initial support level of $12.36. A breach and close below this level could instigate substantial declines, considering it represents an all-time low. Such a break would likely propel prices downward, aligning with the trendline.

Conversely, the initial resistance at $25.3 poses a barrier, and a candle closing above this level could drive prices toward the next significant resistance at $35, reflecting a 93% increase from the current level.

Summary

In summary, the price trajectory necessitates movement above the initial resistance ($25) or below the initial support ($12) to determine the future price momentum direction.

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[…] supportive government policies, and shifting consumer preferences. Key players like Tesla ($TSLA), Rivian ($RIVN), and Lucid ($LCID) are leading the charge, with comparatively new entrants like Mullen […]

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