Honest / US Dollar Cryptocurrency Forecast
Honest / US Dollar cryptocurrency upgraded to Hold/Accumulate.
(Updated on May 31, 2024)
The Honest / US Dollar cryptocurrency price gained 3.59% on the last trading day (Friday, 31st May 2024), rising from $0.0049 to $0.0051. During the last trading day the cryptocurrency fluctuated 5.25% from a day low at $0.0049 to a day high of $0.0052. The price has risen in 6 of the last 10 days and is up by 8.87% over the past 2 weeks.
The cryptocurrency lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $0.0052 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the cryptocurrency is expected to fall -13.65% during the next 3 months and, with a 90% probability hold a price between $0.0034 and $0.0045 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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HNSTUSD Signals & Forecast
The Honest / US Dollar cryptocurrency holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the cryptocurrency has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.0049 and $0.0049. A breakdown below any of these levels will issue sell signals. 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 Tuesday, May 28, 2024, and so far it has fallen -2.09%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
A buy signal from a double bottom formation was found on Sunday, May 19, 2024 and based on theory for this formation the price should go up by 24.25% to $0.0063 within 36 trading days since signal was issued (Saturday, June 01, 2024).
Support, Risk & Stop-loss for Honest / US Dollar cryptocurrency
Honest / US Dollar finds support from accumulated volume at $0.0050 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 $0.0003 between high and low, or 5.25%. For the last week the cryptocurrency has had daily average volatility of 6.74%.
Our recommended stop-loss: $0.0049 (-3.67%) (This cryptocurrency has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 12 days ago.)
Trading Expectations (HNSTUSD) For The Upcoming Trading Day Of Saturday 1st
For the upcoming trading day on Saturday, 1st we expect Honest / US Dollar to open at $0.0051, and during the day (based on 14 day Average True Range), to move between $0.0048 and $0.0054, which gives a possible trading interval of +/-$0.0003 (+/-6.52%) up or down from last closing price. If Honest / US Dollar takes out the full calculated possible swing range there will be an estimated 13.03% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0050 (1.70%) than the resistance at $0.0055 (8.25%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Honest / US Dollar cryptocurrency A Buy?
Honest / 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. We have upgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.557 Hold/Accumulate Upgraded
Predicted Opening Price for Honest / US Dollar of Saturday, June 1, 2024
| Fair opening price June 1, 2024 | Current price |
|---|---|
| $0.0051 ( 0.757%) | $0.0051 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HNSTUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0053 | 4.30 % | |
| R2 | 0.0052 | 2.37 % | ||
| R1 | 0.0052 | 1.17 % | ||
| Current price: | 0.0051 | |||
| Support | S1 | 0.0050 | -2.69 % | |
| S2 | 0.0049 | -3.88 % | ||
| S3 | 0.0048 | -5.81 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0059 | 16.02 % | |
| R2 | 0.0057 | 11.81 % | ||
| R1 | 0.0055 | 8.25 % | ||
| Current price | 0.0051 | |||
| Support | S1 | 0.0050 | -1.70% | |
| S2 | 0.0049 | -3.47% | ||
| S3 | 0.0049 | -3.55% |
FAQ
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