Moderna stock continues to rout; as the fight between bulls and bears continue

Moderna, Inc. (NASDAQ:MRNA), one of the two major providers of the Covid-19 inoculations that rallied during the pandemic, has lost about 40% of its value since the beginning of January, putting it on track for its worst monthly loss ever.

Approximately 807 million doses of the Moderna COVID-19 vaccine were shipped by the company in 2021. Through Moderna’s direct sales and donations from high-income countries, about a quarter of all doses went to low and middle-income countries.

Moderna daily chart analysis

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The price looks to have dropped lower and is sitting slightly below the lower low trendline. Since the price has broken below the lower low trendline, it might end up holding the area of resistance at the support level, and the stock could see another bearish push. 

The stock is also trading below both the 50-day moving average and the 200-day moving average. This indicates bearish sentiment, and each of these moving averages may hold as an area of resistance in the future.

In addition, The Relative Strength Index (RSI) saw a huge dip and sits at 24.71 on the indicator. This huge dip shows that more sellers have entered the market, and they are still in control of the stock. However, if the RSI can rise again, then buyers may take control over the stock soon.

What’s next for Moderna?

The price of Moderna stock was unable to hold support below the lower low trendline. However, the stock can still find consolidations on the support level and bounce back.

Bulls are looking for the price to bounce off the support level and be able to hold above the lower low trendline. Bears are looking for the price to fall big even below the lower low trendline and start to hold the level as an area of resistance.