Grizzly Honey USD Cryptocurrency Forecast
Weaker technical forecast for Grizzly Honey USD as cryptocurrency downgraded to Sell Candidate.
(Updated on Jun 05, 2024)
The Grizzly Honey USD cryptocurrency price gained 0.515% on the last trading day (Wednesday, 5th Jun 2024), rising from $2.29 to $2.30. During the last trading day the cryptocurrency fluctuated 1.62% from a day low at $2.30 to a day high of $2.34. The price has been going up and down for this period, and there has been a -4.02% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 9 thousand more shares were traded than the day before. In total, 27 thousand shares were bought and sold for approximately $62.64 thousand.
The cryptocurrency lies in the middle of a 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 -18.73% during the next 3 months and, with a 90% probability hold a price between $1.83 and $1.97 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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GHNYUSD Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, June 03, 2024, and so far it has risen 1.97%. Further rise is indicated until a new top pivot has been found. Grizzly Honey 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. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Grizzly Honey USD cryptocurrency holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $2.32 and $2.43. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Grizzly Honey USD cryptocurrency
Grizzly Honey USD finds support from accumulated volume at $2.29 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 and with good trading volume, the risk is considered to be medium. During the last day, the cryptocurrency moved $0.0373 between high and low, or 1.62%. For the last week, the cryptocurrency has had daily average volatility of 1.89%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (GHNYUSD) For The Upcoming Trading Day Of Thursday 6th
For the upcoming trading day on Thursday, 6th we expect Grizzly Honey USD to open at $2.31, and during the day (based on 14 day Average True Range), to move between $2.27 and $2.34, which gives a possible trading interval of +/-$0.0357 (+/-1.55%) up or down from last closing price. If Grizzly Honey USD takes out the full calculated possible swing range there will be an estimated 3.10% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.29 (0.51%) than the resistance at $2.58 (12.01%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Grizzly Honey USD cryptocurrency A Buy?
Grizzly Honey USD holds several negative signals and is within a falling trend, so we believe 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: -1.082 Sell Candidate Downgraded
Predicted Opening Price for Grizzly Honey USD of Thursday, June 6, 2024
| Fair opening price June 6, 2024 | Current price |
|---|---|
| $2.31 ( 0.390%) | $2.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GHNYUSD
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.35 | 2.01% |
| R2 | 2.34 | 1.39% |
| R1 | 2.33 | 1.01% |
| Price | 2.30 | |
| S1 | 2.30 | -0.228% |
| S2 | 2.29 | -0.610% |
| S3 | 2.28 | -1.23% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.86 | 24.11% |
| R2 | 2.84 | 23.29% |
| R1 | 2.58 | 12.01% |
| Price | 2.30 | |
| S1 | 2.29 | -0.512% |
| S2 | 2.26 | -1.93% |
| S3 | 0 | - |
FAQ
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