The performance of Qualcomm (NASDAQ: QCOM), a multinational technology company focused on telecommunications-related semiconductors and other similar products and services, has had a rocky 2023 on the stock market.
Throughout the year, its stock rallied multiple times – sometimes by as much as 30% – only to quickly erase most of its recent gains. In late October, however, it had entered into another major rally – largely driven by a strong fourth-quarter report – and had reached the price of $137.01 by the time of publication.
Given that Qualcomm’s performance throughout 2023 has been marked by significant volatility, many investors are wondering if the company will enter 2024 in a continuous bull run, or will it retrace once again before December is out.
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Qualcomm price prediction for January 1, 2024
Given this year’s volatility, Finbold decided to consult the artificial intelligence (AI) price-predicting algorithms of CoinCodex.
Based on the data retrieved on December 12, 2023, Qualcomm will continue experiencing significant volatility and will, by New Year’s Day, decline slightly compared to the price at the time of publication to $130.14.
The predictive algorithms of CoinCodex also forecast that the company’s shares will continue their decline into the first weeks of the New Year and will stand just under $125 by the middle of next month. Similarly, QCOM is marked as “fear” on the “Fear & Greed Index”.
Still, the overall investor sentiment based on technical analysis (TA) price indicators for Qualcomm is bullish. This, perhaps, isn’t surprising considering that recent weeks have witnessed a mostly upward momentum across the stock market and the fact that QCOM remains an important company with numerous patents vital for mobile telecommunications under its belt.
QCOM price analysis
While the exact state of Qualcomm on New Year’s Day remains to be seen, the company has recently been benefiting from a significant rally. In the last 30 days, the firm’s shares have risen by 9.97%.
Its year-to-date (YTD) performance, while marked by significant volatility, has also been overall positive and Qualcomm is 27.04% in the green since January 1, 2023.
Zooming in, QCOM has also been on the rise in the last 7 days and is up 3.10% in that timeframe in total. While Tuesday trading had only begun by the time of publication, December 12 started strong for the company as its shares rose 0.67% to $137.01 in the first hour of trading.
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