RUM Stock Forecast: Will Rumble Stock Smash $10 Mark Soon?
- RUM stock price is heading toward the key moving averages.
- RUM price has lost 26.92% in the last 28 trading sessions.
The RUM stock price has declined in a wider time frame by forming lower and lower lows. Recently, the asset price has faced resistance from the falling trendline and showing weaknesses. The price has dropped by 26.96% in a month, taking support on the $6 mark.
On a daily time frame, the RUM stock price has been taking support on the $6 level and bouncing back. According to the technical chart, the RUM price recorded an all-time low of $3.33 on January 12, 2024. After reaching an all-time low, the RUM price has bounced back by 142% and formed a new lower high.
The current market price of RUM stock is $6.54 which has increased by 1.71% on the previous trading session. The market capitalization is $2.52 billion and the public float is 65.58 million. The average volume is $6.22 million and the shares outstanding are 115.13 million.
About Rumble (NASDAQ: Rum) Stock
Rumble Inc. is a vibrant hub for video enthusiasts across the US, Canada, and beyond. At the heart of Rumble Inc. lies rumble.com, a welcoming space where video sharing and live streaming come alive. Here, viewers can follow their favourite creators, diving into a sea of on-demand videos and live broadcasts.
Then there’s locals.com, a cozy corner of the internet where community members can freely enjoy content or opt to support the creators they love through subscriptions, unlocking a treasure trove of exclusive content.
Not stopping there, Rumble Inc. is also the proud parent of the Rumble Streaming Marketplace. This innovative, patent-pending platform is a game-changer, offering creators a unique way to livestream and monetize their passions.
And for the advertisers? There’s the Rumble Advertising Center (RAC), a sleek online exchange where advertising magic happens.
Born in 2013, Rumble Inc. has made its nest in the sunny shores of Longboat Key, Florida, growing from a fledgling startup to a soaring leader in the video platform space.
RUM Stock: Will RUM Stock Price Manage to Defend the $6 Mark?
NASDAQ: RUM/USD 1-Day Chart By TradingView
On a daily time frame, the Rumble stock price is taking support on the $6 mark. Suppose the asset price takes support on the $6 mark and surpasses the key moving average then buying momentum can be detected. Suppose the trading volume increases then buyers may lift the price to the $10 hurdle.
On the other hand, if the RUM stock price slips below the support level of $6 and sustains then selling pressure can be seen. Suppose the price starts trading below the $5 level, it may record a new all-time low.
Technical Analysis of RUM Stock Price on Weekly Timeframe
NASDAQ: RUM/USD 1-Week Chart By TradingView
On a weekly time frame, the Rumble stock price has been declining through a falling channel. Currently, the asset price has extended to the resistance level of $9 and slipped below the 20-day exponential moving average.
Suppose the current current running candlestick converts into red then an aggressive selling can be seen. If the sellers become confident then the price may melt to the lower trendline.
Alternatively, if the RUM stock price manages to trigger a breakout from the channel then the buyers may become confident. If the price manages to surpass the $10 hurdle with an elevation in trading volume, the trend may reverse and remain bullish for the next few months.
Conclusion
Rumble Inc.’s stock (NASDAQ: RUM) has been volatile, hovering around $6. If it can maintain support at this level and break through key moving averages, there could be a resurgence in buying activity, propelling the stock toward the $10 milestone. However, a slip below the $6 support could trigger selling pressure, and a breakout from the current downtrend could instill confidence among buyers. Investors will be closely watching RUM’s performance in the next few trading sessions to determine its future trajectory.
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
