Ergo USD Cryptocurrency Forecast
Ergo USD cryptocurrency downgraded to Sell Candidate
(Updated on May 18, 2024)
The Ergo USD cryptocurrency price fell by -3.16% on the last day (Saturday, 18th May 2024) from $1.35 to $1.31. During the last trading day the cryptocurrency fluctuated 2.59% from a day low at $1.31 to a day high of $1.34. The price has risen in 5 of the last 10 days and is up by 11.37% over the past 2 weeks. Volume fell on the last day along with the cryptocurrency, which is actually a good sign as volume should follow the cryptocurrency. On the last day, the trading volume fell by -60 thousand shares and in total, 696 thousand shares were bought and sold for approximately $910.16 thousand.
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 -36.55% during the next 3 months and, with a 90% probability hold a price between $0.302 and $1.03 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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ERGUSD 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 Ergo USD 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 $1.38. On a fall, the cryptocurrency will find some support from the short-term average at $1.29. 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 Sunday, March 03, 2024, and so far it has fallen -46.09%. 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.
Support, Risk & Stop-loss for Ergo USD cryptocurrency
Ergo USD finds support from accumulated volume at $1.29 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, but be aware of low or falling volume as this increases the risk. During the last day, the cryptocurrency moved $0.0339 between high and low, or 2.59%. For the last week the cryptocurrency has had daily average volatility of 3.36%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ERGUSD) For The Upcoming Trading Day Of Sunday 19th
For the upcoming trading day on Sunday, 19th we expect Ergo USD to open at $1.32, and during the day (based on 14 day Average True Range), to move between $1.24 and $1.38, which gives a possible trading interval of +/-$0.0717 (+/-5.48%) up or down from last closing price. If Ergo USD takes out the full calculated possible swing range there will be an estimated 10.97% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.29 (1.23%) than the resistance at $1.33 (1.61%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Ergo USD cryptocurrency A Buy?
Ergo USD 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: -4.193 Sell Candidate Downgraded
Predicted Opening Price for Ergo USD of Sunday, May 19, 2024
| Fair opening price May 19, 2024 | Current price |
|---|---|
| $1.32 ( 0.86%) | $1.31 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ERGUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.35 | 3.45 % | |
| R2 | 1.34 | 2.46 % | ||
| R1 | 1.33 | 1.85 % | ||
| Current price: | 1.31 | |||
| Support | S1 | 1.31 | -0.126 % | |
| S2 | 1.30 | -0.737 % | ||
| S3 | 1.28 | -1.73 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.35 | 3.27 % | |
| R2 | 1.33 | 2.12 % | ||
| R1 | 1.33 | 1.61 % | ||
| Current price | 1.31 | |||
| Support | S1 | 1.29 | -1.23% | |
| S2 | 1.25 | -4.64% | ||
| S3 | 1.17 | -10.21% |
FAQ
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