BlackCoin Cryptocurrency Forecast

Evaluation of BlackCoin cryptocurrency downgraded after the last trading session.
(Updated on Jul 02, 2024)

BLKUSD Signals & Forecast

The BlackCoin cryptocurrency holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the cryptocurrency giving a positive forecast for the stock. On further gains, the cryptocurrency will meet resistance from the short-term Moving Average at approximately $0.0330. On a fall, the cryptocurrency will find some support from the long-term average at approximately $0.0305. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Saturday, June 22, 2024, and so far it has fallen -10.48%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for BlackCoin cryptocurrency

On the downside, the cryptocurrency finds support just below today's level from accumulated volume at $0.0306 and $0.0264. There is a natural risk involved when a cryptocurrency is testing a support level, since if this is broken, the cryptocurrency then may fall to the next support level. In this case, BlackCoin finds support just below today's level at $0.0306. If this is broken, then the next support from accumulated volume will be at $0.0264 and $0.0248.

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 $0.0007 between high and low, or 2.27%. For the last week the cryptocurrency has had daily average volatility of 3.99%.

Our recommended stop-loss: $0.0308 (-6.02%) (This cryptocurrency has high daily movements and this gives high risk. There is a sell signal from a pivot top found 63 days ago.)

Trading Expectations (BLKUSD) For The Upcoming Trading Day Of Wednesday 3rd

For the upcoming trading day on Wednesday, 3rd we expect BlackCoin to open at $0.0330, and during the day (based on 14 day Average True Range), to move between $0.0307 and $0.0349, which gives a possible trading interval of +/-$0.0021 (+/-6.30%) up or down from last closing price. If BlackCoin takes out the full calculated possible swing range there will be an estimated 12.59% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.0334 (1.82%) than the support at $0.0306 (6.82%), 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 BlackCoin cryptocurrency A Buy?

BlackCoin 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.945 Hold/Accumulate Downgraded

Predicted Opening Price for BlackCoin of Wednesday, July 3, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.