Cardano Cryptocurrency Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Cardano cryptocurrency price ended at $0.447 on Friday, after losing 3.40%.
(Updated on May 10, 2024)
The Cardano cryptocurrency price fell by -3.40% on the last day (Friday, 10th May 2024) from $0.462 to $0.447. During the last trading day the cryptocurrency fluctuated 6.00% from a day low at $0.443 to a day high of $0.470. The price has risen in 7 of the last 10 days and is up by 2.1% over the past 2 weeks. Volume has increased on the last day by 250 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 313 million shares were bought and sold for approximately $139.91 million.
The cryptocurrency lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.412 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the cryptocurrency is expected to fall -26.37% during the next 3 months and, with a 90% probability hold a price between $0.303 and $0.462 at the end of this 3-month period.
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ADAUSD Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 2.10%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Cardano cryptocurrency holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $0.462 and $0.489. A break-up above any of these levels will issue buy signals. Volume rose on falling prices yesterday. This may be an early warning and the cryptocurrency should be followed more closely.
Support, Risk & Stop-loss for Cardano cryptocurrency
Cardano finds support from accumulated volume at $0.438 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This cryptocurrency has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the cryptocurrency moved $0.0266 between high and low, or 6.00%. For the last week, the cryptocurrency has had daily average volatility of 6.43%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ADAUSD) For The Upcoming Trading Day Of Saturday 11th
For the upcoming trading day on Saturday, 11th we expect Cardano to open at $0.453, and during the day (based on 14 day Average True Range), to move between $0.414 and $0.479, which gives a possible trading interval of +/-$0.0323 (+/-7.23%) up or down from last closing price. If Cardano takes out the full calculated possible swing range there will be an estimated 14.46% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.453 (1.32%) than the support at $0.438 (1.99%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Cardano cryptocurrency A Buy?
Cardano holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this cryptocurrency.
Current score: -3.388 Sell Candidate Unchanged
Predicted Opening Price for Cardano of Saturday, May 11, 2024
| Fair opening price May 11, 2024 | Current price |
|---|---|
| $0.453 ( 1.45%) | $0.447 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ADAUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.480 | 7.40 % | |
| R2 | 0.469 | 5.12 % | ||
| R1 | 0.463 | 3.72 % | ||
| Current price: | 0.447 | |||
| Support | S1 | 0.443 | -0.83 % | |
| S2 | 0.437 | -2.23 % | ||
| S3 | 0.426 | -4.51 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.505 | 12.99 % | |
| R2 | 0.492 | 10.17 % | ||
| R1 | 0.453 | 1.32 % | ||
| Current price | 0.447 | |||
| Support | S1 | 0.438 | -1.99% | |
| S2 | 0.437 | -2.06% | ||
| S3 | 0 | . |
FAQ
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