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AI predicts Rivian stock price for the end of 2023

AI predicts Rivian stock price for the end of 2023

In recent weeks, shares of Rivian (NASDAQ: RIVN) have seen a significant decline, reaching their lowest level in nearly four months. 

This sudden drop can be attributed to various factors, including Rivian’s announcement of a $1.5 billion convertible bond sale offering and the impact of Tesla’s disappointing Q3 report on the wider electric vehicle (EV) industry. 

For investors, these late declines have raised uncertainties about the future of Rivian’s stock price. To shed light on this, we turned to quantitative analysis and AI-powered algorithms on October 20 to forecast RIVN’s trajectory for the remainder of the year.

Notably, shares of the EV startup are projected to trade at $25.24 at the end of 2023, according to CoinCodex’s algorithms. This prediction implies more than 47% upside from RIVN’s current price. 

AI-powered prediction for RIVN. Source: CoinCodex

For a more short-term forecast, the algorithms expect Rivian’s stock to slip below $15 in a month from now. On the other hand, the 12-month prediction projects RIVN to skyrocket to $106.10.

RIVN technical analysis

At press time, shares of Rivian were sitting at $17.16, down 5.1% on the day and more than 23% in the past month.

During this 30-day period, the stock recorded just 14 green days, with price volatility of more than 10%. 

Following yesterday’s drop, Rivian’s stock dropped below the $17.68 support level, which now acts as a near-term resistance. The next support area is located around $15.8, suggesting an area where buying pressure may increase.

RIVN stock technical analysis chart. Source: TradingView

On the upside, clearing the near-term resistance would allow RIVN to reclaim the key level of $18.22, where the 200-day moving average (MA) is located.

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