OPEN Stock Doubles Then Falls, Still Up 800% in July on Reddit-Fueled Rally, $10 Next?
With shares up nearly 800% in July amid speculative fervor, Opendoor Technologies has gained prominence thanks to a startling retail-driven.
Quick overview
- Opendoor Technologies has seen its shares surge nearly 800% in July, driven by retail trading enthusiasm and meme stock dynamics.
- The stock's rally has been fueled by viral posts on Reddit's WallStreetBets, with ambitious price targets of $10 and $30 being discussed.
- Currently, the stock is testing a critical resistance level at the 200-week simple moving average, which could determine its future trajectory.
- While the recent gains are impressive, their sustainability is uncertain, as they are largely based on speculative sentiment rather than fundamental factors.
With shares up nearly 800% in July amid speculative fervor, Opendoor Technologies has gained prominence thanks to a startling retail-driven rally.
Opendoor’s Comeback Gains Momentum
Opendoor Technologies (NASDAQ: OPEN) is experiencing a dramatic rebound in July, driven by a potent mix of meme stock dynamics, renewed bullish sentiment, and viral posts on retail trading forums. Following a quiet first half of the year, the stock opened sharply higher today at $2.78, gapping up from last week’s close of $2.25. At the midpoint of today’s session, shares had already peaked at $4.98—marking an extraordinary intraday gain and continuing a parabolic ascent that began earlier this month.
Last week alone, the iBuyer pioneer surged over 300%, climbing from just over $0.75 to $2.25. From early July’s lows around $0.50, the stock has now advanced by roughly 800%, marking one of the most extreme retail-led comebacks in recent memory.
Fuel from Wall Street Bets and Social Media
The rally has been supercharged by renewed interest on Reddit’s WallStreetBets subreddit, where traders have targeted OPEN as a high-upside speculative play. A top-rated post titled “OPENDOOR — this isn’t just a pump” went viral on Friday, earning over 1,600 upvotes and sparking hundreds of bullish comments. Many users are now setting their sights on ambitious targets, with $10 and even $30 being floated as possible price points.
This social media momentum follows a bullish pitch from EMJ Capital, known for identifying Carvana’s turnaround. Their public support for Opendoor appears to have added credibility to the buying frenzy, prompting more traders to join in.
Technicals: The 200 SMA Stopping the Rally for Now
Technically, the rally is now testing a critical resistance level on the weekly chart: the 200-week simple moving average (SMA), shown in purple. A decisive break above this level could open the door (no pun intended) to the next upside targets at $5 and $5.50, which mark the 2024 and 2023 highs, respectively. From there, a return to double digits—even as high as $10—might not be far-fetched given the current pace of gains.
Despite the euphoria, the stock still trades far below its all-time high of $39.24 set in February 2021, reminding investors of both the potential upside and the scale of previous declines.
Outlook:
Opendoor’s current momentum is undoubtedly impressive, but its sustainability remains uncertain. Much of the recent surge is rooted in sentiment and speculative retail flows, rather than fundamental catalysts. That said, meme stock rallies often defy expectations, and if the 200 SMA is convincingly breached, the stock could capture even more retail interest.
For now, traders are watching $5 as the next battleground—an important level that could determine whether this move is a brief pump or the beginning of a longer-term recovery.
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