Algorand / US Dollar Cryptocurrency Forecast
Red day on Monday for Algorand / US Dollar cryptocurrency after losing 0.101%
(Updated on Apr 29, 2024)
The Algorand / US Dollar cryptocurrency price fell by -0.101% on the last day (Monday, 29th Apr 2024) from $0.199 to $0.199. It has now fallen 4 days in a row. During the last trading day the cryptocurrency fluctuated 3.18% from a day low at $0.195 to a day high of $0.201. The price has fallen in 6 of the last 10 days but is still up by 14.01% over the past 2 weeks. Volume fell on the last day along with the cryptocurrency, which is actually a good sign as volume should follow the cryptocurrency. On the last day, the trading volume fell by -43 million shares and in total, 6 million shares were bought and sold for approximately $1.15 million.
The cryptocurrency lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.177 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the cryptocurrency is expected to rise 13.46% during the next 3 months and, with a 90% probability hold a price between $0.201 and $0.384 at the end of this 3-month period.
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ALGOUSD Signals & Forecast
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 Algorand / US Dollar 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 $0.204 and $0.219. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 13, 2024, and so far it has fallen -37.41%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this cryptocurrency may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Algorand / US Dollar cryptocurrency
Algorand / US Dollar finds support from accumulated volume at $0.196 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This cryptocurrency may move much during the day (volatility) and with periodic low trading volume this cryptocurrency is considered to be "high risk". During the last day, the cryptocurrency moved $0.0062 between high and low, or 3.18%. For the last week the cryptocurrency has had daily average volatility of 13.13%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ALGOUSD) For The Upcoming Trading Day Of Tuesday 30th
For the upcoming trading day on Tuesday, 30th we expect Algorand / US Dollar to open at $0.198, and during the day (based on 14 day Average True Range), to move between $0.174 and $0.224, which gives a possible trading interval of +/-$0.0249 (+/-12.54%) up or down from last closing price. If Algorand / US Dollar takes out the full calculated possible swing range there will be an estimated 25.09% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.196 (1.11%) than the resistance at $0.216 (8.78%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Algorand / US Dollar cryptocurrency A Buy?
The Algorand / US Dollar cryptocurrency holds several negative signals and despite the positive trend, we believe Algorand / US Dollar will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this cryptocurrency.
Current score: -2.457 Sell Candidate Unchanged
Predicted Opening Price for Algorand / US Dollar of Tuesday, April 30, 2024
| Fair opening price April 30, 2024 | Current price |
|---|---|
| $0.198 ( 0.101%) | $0.199 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ALGOUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.205 | 3.02 % | |
| R2 | 0.202 | 1.83 % | ||
| R1 | 0.201 | 1.09 % | ||
| Current price: | 0.199 | |||
| Support | S1 | 0.196 | -1.29 % | |
| S2 | 0.195 | -2.03 % | ||
| S3 | 0.192 | -3.22 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.240 | 20.80 % | |
| R2 | 0.219 | 10.17 % | ||
| R1 | 0.216 | 8.78 % | ||
| Current price | 0.199 | |||
| Support | S1 | 0.196 | -1.11% | |
| S2 | 0.193 | -3.02% | ||
| S3 | 0.173 | -12.79% |
FAQ
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