Decred Cryptocurrency Forecast
Decred cryptocurrency downgraded to Sell Candidate
(Updated on May 05, 2024)
The Decred cryptocurrency price gained 2.30% on the last trading day (Sunday, 5th May 2024), rising from $21.29 to $21.78. 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 3.40% from a day low at $21.17 to a day high of $21.89. The price has fallen in 6 of the last 10 days and is down by -7.75% for this period. Volume fell on the last day by -2 million shares and in total, 2 million shares were bought and sold for approximately $42.32 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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 $19.04 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 14.57% during the next 3 months and, with a 90% probability hold a price between $21.82 and $38.90 at the end of this 3-month period.
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DCRUSD Signals & Forecast
There are mixed signals in the cryptocurrency today. The Decred 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 $22.38. On a fall, the cryptocurrency will find some support from the short-term average at $20.50. 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 Thursday, March 14, 2024, and so far it has fallen -30.70%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The cryptocurrency should be watched closely.
Support, Risk & Stop-loss for Decred cryptocurrency
On the downside, the cryptocurrency finds support just below today's level from accumulated volume at $18.77 and $18.10. 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, Decred finds support just below today's level at $18.77. If this is broken, then the next support from accumulated volume will be at $18.10 and $17.47.
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 $0.720 between high and low, or 3.40%. For the last week, the cryptocurrency has had daily average volatility of 8.34%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (DCRUSD) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Decred to open at $21.61, and during the day (based on 14 day Average True Range), to move between $20.12 and $23.44, which gives a possible trading interval of +/-$1.66 (+/-7.64%) up or down from last closing price. If Decred takes out the full calculated possible swing range there will be an estimated 15.28% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $24.71 (13.45%) than the support at $18.77 (13.82%), 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 Decred cryptocurrency A Buy?
Decred 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: -1.699 Sell Candidate Downgraded
Predicted Opening Price for Decred of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $21.61 ( 0.765%) | $21.78 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DCRUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 22.33 | 2.54 % | |
| R2 | 22.06 | 1.28 % | ||
| R1 | 21.89 | 0.498 % | ||
| Current price: | 21.78 | |||
| Support | S1 | 21.34 | -2.03 % | |
| S2 | 21.17 | -2.81 % | ||
| S3 | 20.89 | -4.07 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 26.49 | 21.63 % | |
| R2 | 24.75 | 13.64 % | ||
| R1 | 24.71 | 13.45 % | ||
| Current price | 21.78 | |||
| Support | S1 | 18.77 | -13.82% | |
| S2 | 18.10 | -16.90% | ||
| S3 | 17.47 | -19.79% |
FAQ
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