Energy Web Token / US Dollar Cryptocurrency Forecast
Energy Web Token / US Dollar cryptocurrency upgraded from Buy Candidate to Strong Buy Candidate after Tuesday trading session.
(Updated on May 07, 2024)
The Energy Web Token / US Dollar cryptocurrency price gained 2.57% on the last trading day (Tuesday, 7th May 2024), rising from $2.91 to $2.98. During the last trading day the cryptocurrency fluctuated 8.70% from a day low at $2.79 to a day high of $3.03. The price has risen in 7 of the last 10 days and is up by 18.98% 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, 608 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $7.07 million.
The cryptocurrency has broken the very wide and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. $2.94 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the cryptocurrency is predicted to reach $3.86 sometime during the next 3 months.
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EWTUSD Signals & Forecast
Mostly positive signals in the chart today. The Energy Web Token / US Dollar cryptocurrency holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $2.83 and $2.38. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 48.06%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Energy Web Token / US Dollar cryptocurrency
Energy Web Token / US Dollar finds support from accumulated volume at $2.95 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This cryptocurrency may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this cryptocurrency is considered to be "very high risk". During the last day, the cryptocurrency moved $0.243 between high and low, or 8.70%. For the last week, the cryptocurrency has had daily average volatility of 8.91%.
Our recommended stop-loss: $2.88 (-3.68%) (This cryptocurrency has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 18 days ago.)
Trading Expectations (EWTUSD) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect Energy Web Token / US Dollar to open at $2.94, and during the day (based on 14 day Average True Range), to move between $2.74 and $3.23, which gives a possible trading interval of +/-$0.246 (+/-8.25%) up or down from last closing price. If Energy Web Token / US Dollar takes out the full calculated possible swing range there will be an estimated 16.49% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $2.95, some $0.0387 (1.30%) from the current price of $2.98, our system finds the risk reward attractive.
Is Energy Web Token / US Dollar cryptocurrency A Buy?
Energy Web Token / US Dollar holds several positive signals and has broken the very wide and horizontal trend up. As the cryptocurrency is in great technical shape we, therefore, consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.665 Strong Buy Candidate Upgraded
Predicted Opening Price for Energy Web Token / US Dollar of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $2.94 ( 1.61%) | $2.98 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EWTUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.18 | 6.53 % | |
| R2 | 3.09 | 3.42 % | ||
| R1 | 3.03 | 1.50 % | ||
| Current price: | 2.98 | |||
| Support | S1 | 2.84 | -4.72 % | |
| S2 | 2.79 | -6.64 % | ||
| S3 | 2.69 | -9.75 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 2.98 | |||
| Support | S1 | 2.95 | -1.30% | |
| S2 | 2.78 | -6.81% | ||
| S3 | 2.29 | -23.30% |
FAQ
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