Let's check what is under the technical "hood."
In this daily bar chart of RIVN, below, I can see some price improvement from late April, but today I can see a large outside day. Futures traders (back in the day) viewed outside days with a lower close as bearish. Prices could retest the rising 50-day moving average line in the days ahead. Trading volume is active and the On-Balance-Volume (OBV) line remains in a downward trend. The Moving Average Convergence Divergence (MACD) oscillator is only slightly above the zero line.