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- Mullen Automotive (NASDAQ: MULN) stock has continued its downward slide, dropping over 20% today to $0.1322.
Mullen’s share price has now broken through crucial support levels, leaving investors on edge.
The stock has struggled to hold key support zones at $1.34 and $2.54, which were shattered earlier this year. With today’s drop, the price is approaching the $0.10 range—an essential psychological level. A break below this point could trigger further losses, further ruining Mullens’ chances of redeeming itself and increasing market confidence.
Mullen Automotive support and resistance
While the technicals paint a bleak picture, there’s still some hope that Mullen’s strategic moves might bring a turnaround. The company has been making headlines with its ambitious electric cargo van production, targeting growing demand for green logistics solutions. However, Mullen’s EV market rivals continue to outperform, leaving investors anxious for more concrete results.
With resistance levels far above $2.54 and $4.55, a swift recovery appears distant unless the company delivers news to reinvigorate interest. For now, the stock is stuck in a tough spot, with traders closely watching the $0.10 level for any signs of stabilization.
As Mullen Automotive stock battles through a challenging landscape, the coming days may define whether it can weather the storm or face further declines.