Blocknet Cryptocurrency Forecast

Weaker technical forecast for Blocknet as cryptocurrency downgraded to Sell Candidate.
(Updated on May 18, 2024)

BLOCKUSD 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 Blocknet 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 $0.0366. On a fall, the cryptocurrency will find some support from the short-term average at $0.0342. 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. A sell signal was issued from a pivot top point on Friday, May 17, 2024, and so far it has fallen -0.0254%. 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. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Blocknet cryptocurrency

On the downside, the cryptocurrency finds support just below today's level from accumulated volume at $0.0284 and $0.0280. 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, Blocknet finds support just below today's level at $0.0284. If this is broken, then the next support from accumulated volume will be at $0.0280 and $0.0279.

This cryptocurrency may move very much during the day (volatility) and with periodic low trading volume this cryptocurrency is considered to be "very high risk". During the last day, the cryptocurrency moved $0.0003 between high and low, or 0.96%. For the last week the cryptocurrency has had daily average volatility of 3.02%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (BLOCKUSD) For The Upcoming Trading Day Of Sunday 19th

For the upcoming trading day on Sunday, 19th we expect Blocknet to open at $0.0355, and during the day (based on 14 day Average True Range), to move between $0.0337 and $0.0372, which gives a possible trading interval of +/-$0.0018 (+/-4.99%) up or down from last closing price. If Blocknet takes out the full calculated possible swing range there will be an estimated 9.98% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.0389 (9.57%) than the support at $0.0284 (19.82%), 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 Blocknet cryptocurrency A Buy?

Blocknet holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this cryptocurrency. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -3.950 Sell Candidate Downgraded

Predicted Opening Price for Blocknet of Sunday, May 19, 2024

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