The stock has nearly doubled over the past few weeks on optimism the company is getting closer to getting its eVTOL taxi business off the ground.

Archer is developing electric vertical takeoff and landing (eVTOL) aircraft. These innovative vehicles are designed to revolutionize urban air mobility, offering a sustainable and efficient transportation alternative. The company’s approach combines advanced aeronautics with cutting-edge electric propulsion technologies.

Three powerful catalysts make this high-flying eVTOL stock worth holding despite traditional profit-taking rules.

Archer Aviation stock price is about to form a golden cross pattern, which happens when the 200-day and 50-day moving averages cross each other.

From electric vehicles like Tesla to ride-sharing platforms like Uber Technologies, people have many different ways to get around these days. Many companies are working on electric air taxis, including publicly traded stock Archer Aviation (NYSE: ACHR).

Electric aircraft maker Archer Aviation (NYSE: ACHR) has seen some big ups and downs. Similar to Tesla (NASDAQ: TSLA), investors are fascinated by its innovation with electric vehicles and think its future air taxis have the potential to be a leader in the sky.

One of the most exciting new technologies on the stock market these days is electric vertical takeoff and landing (eVTOL) aircraft. Two companies are leading the charge in the development-stage technology: Archer Aviation (NYSE: ACHR) and Joby Aviation.