One Of The Disruptive Tech Stocks to Consider
IonQ stock price has been in a strong bullish momentum since the start of May, rising from the low of $5.30 with a return of 441.74% (YTD). The stock price faced strong rejection from $20 and retraced back to form a support at $12.30.
After the formation of support at $12.30, the stock price regained bullish momentum and commenced a journey to retest $20. On September 6, IonQ price successfully touched the $20 level but could not close above it.
The stock price then entered into a short-term pullback and formed support at $17.50. The previous candle closed as a strong bullish candle with no upper wick. If the next candle can break the high of the previous candle, IonQ stock price might shatter the resistance level of $20 and potentially close above it.
On the other hand, if the next candle can break the low of the previous candle, the stock price might head down toward the next minor support level of $14.50.
Quantum Computing Demand Boosted IonQ Stock Price
With increased demand for IonQ systems, the company is well-positioned to provide strong revenue in the coming years. At the end of Quarter 2, IonQ booked $32.2 Million in bookings year-to-date and raised the full-year guidance between $49 Million and $56 Million.
Moreover, the advancements of its systems and growing commercial use cases bode well for the future. The year-to-date increase of 441.74% suggests that these positives are reflected in its price. Further, the analyst price target for IonQ is $17.80 which is roughly in line with its current market price, implying that the additional upside remains capped for IonQ stock.
IonQ has agreed with Bearing Point, an Amsterdam-based consulting firm, to offer Quantum system access and professional services in Europe. Bearing Point will advise clients about the potential application and benefits of Quantum computing using IonQ’s Systems.
Will IONQ Stock Price Rise Above $20?
The stock price has surged above 20,50,100 and 200-day exponential moving averages, indicating strong bullish momentum. The Chaikin money flow score has climbed above the 0 mark and stands at 0.06, indicating strength in the market.
The relative strength index stands at 62.22, suggesting bullish momentum in the price. The Bollinger bands have also expanded indicating a rise in volatility.
Conclusion
With artificial intelligence and quantum computing emerging as two of the most promising areas for future growth in technology, investors should keep an eye on IonQ. The disruptive tech company has skyrocketed in the current year. Investors who are looking for pure-play quantum computing stock should consider IonQ stock.
Technical levels
Support levels: $14.50 and $12.30
Resistance levels: $20 and $25
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
