Covalent USD Cryptocurrency Forecast
Big movements in Covalent USD cryptocurrency price on Monday moving 25.13% between high and low
(Updated on May 20, 2024)
The Covalent USD cryptocurrency price gained 24.64% on the last trading day (Monday, 20th May 2024), rising from $0.188 to $0.235. During the last trading day the cryptocurrency fluctuated 25.13% from a day low at $0.188 to a day high of $0.235. The price has fallen in 6 of the last 10 days but is still up by 21.63% 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, 919 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $526.25 thousand.
The cryptocurrencyhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $0.234, a level that may pose a second chance to hit a runner. According to fan-theory $0.325 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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CQTUSD Signals & Forecast
The Covalent USD cryptocurrency holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the cryptocurrency has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.191 and $0.194. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, May 14, 2024, and so far it has risen 47.30%. Further rise is indicated until a new top pivot has been found. Covalent USD has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Covalent USD cryptocurrency
On the downside, the cryptocurrency finds support just below today's level from accumulated volume at $0.209 and $0.207. 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, Covalent USD finds support just below today's level at $0.209. If this is broken, then the next support from accumulated volume will be at $0.207 and $0.198.
This cryptocurrency may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this cryptocurrency is considered to be "high risk". During the last day, the cryptocurrency moved $0.0473 between high and low, or 25.13%. For the last week, the cryptocurrency has had daily average volatility of 11.64%.
Our recommended stop-loss: $0.226 (-3.80%) (This cryptocurrency has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 77 days ago.)
Trading Expectations (CQTUSD) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Covalent USD to open at $0.219, and during the day (based on 14 day Average True Range), to move between $0.215 and $0.255, which gives a possible trading interval of +/-$0.0200 (+/-8.51%) up or down from last closing price. If Covalent USD takes out the full calculated possible swing range there will be an estimated 17.02% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.209 (11.16%) than the resistance at $0.275 (17.02%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Covalent USD cryptocurrency A Buy?
Covalent USD holds several positive signals and the break up from the falling trend indicates a possible shift of trend as well. The trend doesn't have to go from falling to rising, it may as well go horizontal or even just decrease the earlier fall rate, but we find the risk-reward to be attractive and expect the cryptocurrency to perform very well in the short term period. We have upgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Sell to a Strong Buy candidate.
Current score: 5.381 Strong Buy Candidate Upgraded
Predicted Opening Price for Covalent USD of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| $0.219 ( 6.57%) | $0.235 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CQTUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.267 | 13.55 % | |
| R2 | 0.249 | 5.87 % | ||
| R1 | 0.237 | 1.12 % | ||
| Current price: | 0.235 | |||
| Support | S1 | 0.201 | -14.26 % | |
| S2 | 0.190 | -19.01 % | ||
| S3 | 0.172 | -26.70 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.290 | 23.44 % | |
| R2 | 0.275 | 17.21 % | ||
| R1 | 0.275 | 17.02 % | ||
| Current price | 0.235 | |||
| Support | S1 | 0.209 | -11.16% | |
| S2 | 0.207 | -11.88% | ||
| S3 | 0.198 | -15.74% |
FAQ
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