Garlicoin / US Dollar Cryptocurrency Forecast
A very red day for Garlicoin / US Dollar cryptocurrency price after a -12.17% fall in the Tuesday trading session
(Updated on May 14, 2024)
The Garlicoin / US Dollar cryptocurrency price fell by -12.17% on the last day (Tuesday, 14th May 2024) from $0.0189 to $0.0166. During the last trading day the cryptocurrency fluctuated 3.08% from a day low at $0.0165 to a day high of $0.0170. The price has been going up and down for this period, and there has been a 23.8% gain for the last 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 -178 shares and in total, 50 shares were bought and sold for approximately $0.83 .
The cryptocurrency lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the cryptocurrency is expected to rise 8.61% during the next 3 months and, with a 90% probability hold a price between $0.0117 and $0.0215 at the end of this 3-month period.
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GRLCUSD Signals & Forecast
The Garlicoin / US Dollar cryptocurrency holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the cryptocurrency giving a positive forecast for the stock. On further gains, the cryptocurrency will meet resistance from the short-term Moving Average at approximately $0.0171. On a fall, the cryptocurrency will find some support from the long-term average at approximately $0.0135. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Friday, May 03, 2024, and so far it has fallen -15.15%. 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. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Garlicoin / US Dollar cryptocurrency
On the downside, the cryptocurrency finds support just below today's level from accumulated volume at $0.0156 and $0.0153. 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, Garlicoin / US Dollar finds support just below today's level at $0.0156. If this is broken, then the next support from accumulated volume will be at $0.0153 and $0.0151.
This cryptocurrency may move very much during the day (volatility) and with periodic low trading volume this cryptocurrency is considered to be "very high risk". During the last day, the cryptocurrency moved $0.0005 between high and low, or 3.08%. For the last week the cryptocurrency has had daily average volatility of 5.44%.
Our recommended stop-loss: $0.0157 (-5.86%) (This cryptocurrency has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 11 days ago.)
Trading Expectations (GRLCUSD) For The Upcoming Trading Day Of Wednesday 15th
For the upcoming trading day on Wednesday, 15th we expect Garlicoin / US Dollar to open at $0.0167, and during the day (based on 14 day Average True Range), to move between $0.0147 and $0.0186, which gives a possible trading interval of +/-$0.0020 (+/-11.75%) up or down from last closing price. If Garlicoin / US Dollar takes out the full calculated possible swing range there will be an estimated 23.50% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0166 (0.10%) than the support at $0.0156 (6.31%), 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 Garlicoin / US Dollar cryptocurrency A Buy?
Garlicoin / US Dollar holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.
Current score: -0.849 Hold/Accumulate Downgraded
Predicted Opening Price for Garlicoin / US Dollar of Wednesday, May 15, 2024
| Fair opening price May 15, 2024 | Current price |
|---|---|
| $0.0167 ( 0.563%) | $0.0166 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GRLCUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0172 | 3.62 % | |
| R2 | 0.0170 | 2.45 % | ||
| R1 | 0.0169 | 1.73 % | ||
| Current price: | 0.0166 | |||
| Support | S1 | 0.0165 | -0.606 % | |
| S2 | 0.0164 | -1.33 % | ||
| S3 | 0.0162 | -2.50 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0196 | 17.86 % | |
| R2 | 0.0183 | 9.74 % | ||
| R1 | 0.0166 | 0.102 % | ||
| Current price | 0.0166 | |||
| Support | S1 | 0.0156 | -6.31% | |
| S2 | 0.0153 | -7.97% | ||
| S3 | 0.0151 | -9.37% |
FAQ
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