Algorand / US Dollar 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
Green day on Monday for Algorand / US Dollar
(Updated on May 20, 2024)
The Algorand / US Dollar cryptocurrency price gained 0.0545% on the last trading day (Monday, 20th May 2024), rising from $0.184 to $0.184. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the cryptocurrency fluctuated 8.68% from a day low at $0.173 to a day high of $0.188. The price has risen in 5 of the last 10 days and is up by 0.76% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 48 million more shares were traded than the day before. In total, 54 million shares were bought and sold for approximately $9.93 million.
The cryptocurrency lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the cryptocurrency is expected to fall -23.41% during the next 3 months and, with a 90% probability hold a price between $0.109 and $0.197 at the end of this 3-month period.
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ALGOUSD Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 6.68%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. 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 a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the cryptocurrency giving a more negative forecast for the stock. On further gains, the cryptocurrency will meet resistance from the long-term Moving Average at $0.187. On a fall, the cryptocurrency will find some support from the short-term average at $0.178. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Algorand / US Dollar cryptocurrency
Algorand / US Dollar finds support from accumulated volume at $0.175 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 $0.0150 between high and low, or 8.68%. For the last week, the cryptocurrency has had daily average volatility of 3.70%.
Our recommended stop-loss: $0.176 (-4.38%) (This cryptocurrency has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 68 days ago.)
Trading Expectations (ALGOUSD) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Algorand / US Dollar to open at $0.181, and during the day (based on 14 day Average True Range), to move between $0.170 and $0.197, which gives a possible trading interval of +/-$0.0138 (+/-7.49%) up or down from last closing price. If Algorand / US Dollar takes out the full calculated possible swing range there will be an estimated 14.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.175 (4.96%) than the resistance at $0.201 (9.42%), 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?
Algorand / US Dollar holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: -0.546 Hold/Accumulate Unchanged
Predicted Opening Price for Algorand / US Dollar of Tuesday, May 21, 2024
Fair opening price May 21, 2024 | Current price |
---|---|
$0.181 ( 1.17%) | $0.184 |
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 | 0.196 | 7.00 % | |
R2 | 0.191 | 3.88 % | ||
R1 | 0.187 | 1.95 % | ||
Current price: | 0.184 | |||
Support | S1 | 0.176 | -4.29 % | |
S2 | 0.172 | -6.22 % | ||
S3 | 0.166 | -9.34 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.219 | 19.17 % | |
R2 | 0.216 | 17.66 % | ||
R1 | 0.201 | 9.42 % | ||
Current price | 0.184 | |||
Support | S1 | 0.175 | -4.96% | |
S2 | 0.173 | -5.66% | ||
S3 | 0.172 | -6.26% |
FAQ
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