IonQ (IONQ) stock has soared 388.5% over the past year. The company is benefitting from its strong position in the quantum computing space. Its advanced trapped-ion technology, which helps solve complex problems more efficiently than classical computers, keeps investors optimistic about its future prospects. Despite massive gains, technical indicators suggest that IonQ stock is a Buy, implying further upside from current levels.
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Analyzing IONQ’s Technical Indicators
According to TipRanks’ easy-to-understand technical analysis tool, IONQ stock is currently on an upward trend. The Moving Averages Convergence Divergence (MACD) indicator, a crucial tool for understanding momentum and potential price direction shifts, is currently signaling a Buy.
Further, the stock’s 50-day Exponential Moving Average (EMA) is 34.99, while its price is $38.54, implying a bullish signal. Further, its shorter duration EMA (20 days) also signals an uptrend.
Another technical indicator, Williams %R, helps traders determine if a stock is overbought or oversold. In the case of IONQ, Williams %R currently indicates a Buy signal, suggesting that the stock is not overbought and has more room to run.
Is IonQ a Good Buy?
Turning to Wall Street, IONQ has a Moderate Buy consensus rating based on four Buys and two Holds assigned in the last three months. At $44.20, the average IonQ price target implies 14.69% upside potential.
