In today’s digital age, the remarkable emergence of artificial intelligence (AI) offerings has ushered in a new era of accessibility. With the internet at their fingertips, individuals from all walks of life now have the power to harness this nascent technology for an array of applications.
One sector where AI is making significant waves is finance, as investors turn to AI for advice, critical analyses, and even specific price predictions.
In this context, on September 20, Finbold exploited the technical analysis capabilities of AI at CoinCodex, to assess the price outlook of electric vehicle (EV) manufacturer Lucid (NASDAQ: LCID), a company that has recently witnessed a substantial dip in its share price.
AI’s prediction on LCID price
According to CoinCodex’s AI-oriented analysis, shares of Lucid are projected to trade at $5.81 by October 1, 2023, suggesting a noteworthy upside of more than 5.4% from the stock’s current price.
As for its 30-day prognosis, AI anticipates LCID to see further upside to $6.48, as shown in the above chart.
For a near-term outlook, “the value of Lucid Group, Inc. shares will rise by 4.34% and reach $ 5.74 per share by September 25, 2023,” the analysis says.
“According to our technical indicators, the current sentiment is Bearish while the Fear & Greed Index is showing 39 (Fear). LCID stock recorded 12/30 (40%) green days with 13.49% price volatility over the last 30 days.”
LCID price analysis
At the time of publication, shares of Lucid were standing at $5.5, down 2.48% in the past 24 hours.
The EV stock lost more than 5.6% on the week and over 9.8% on the monthly chart. This series of declines has pushed LCID to a fresh 1-year low, with its share price crashing more than 65% during this period, with Lucid stock now trading near a new all-time low.
The company’s stock is now trading below 20, 50, 100, and 200-day exponential moving averages (EMAs).
Much of its recent declines can be attributed to a disappointing Q2 2023 earnings report, which showed that Lucid missed revenue expectations after posting lower-than-expected delivery numbers.
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