IoTeX / US Dollar Cryptocurrency Forecast

On Tuesday, IoTeX / US Dollar cryptocurrency price gained an impressive 12.98%
(Updated on Apr 23, 2024)

IOTXUSD Signals & Forecast

There are mixed signals in the cryptocurrency today. The IoTeX / US Dollar 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 $0.0693. On a fall, the cryptocurrency will find some support from the short-term average at $0.0575. 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 Wednesday, April 03, 2024, and so far it has fallen -25.89%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell 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 IoTeX / US Dollar cryptocurrency

On the downside, the cryptocurrency finds support just below today's level from accumulated volume at $0.0597 and $0.0585. 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, IoTeX / US Dollar finds support just below today's level at $0.0597. If this is broken, then the next support from accumulated volume will be at $0.0585 and $0.0533.

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 $0.0061 between high and low, or 9.69%. For the last week, the cryptocurrency has had daily average volatility of 9.38%.

Our recommended stop-loss: $0.0634 (-4.24%) (This cryptocurrency has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 20 days ago.)

Trading Expectations (IOTXUSD) For The Upcoming Trading Day Of Wednesday 24th

For the upcoming trading day on Wednesday, 24th we expect IoTeX / US Dollar to open at $0.0657, and during the day (based on 14 day Average True Range), to move between $0.0577 and $0.0748, which gives a possible trading interval of +/-$0.0086 (+/-12.93%) up or down from last closing price. If IoTeX / US Dollar takes out the full calculated possible swing range there will be an estimated 25.86% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.0677 (2.22%) than the support at $0.0597 (9.86%), 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 IoTeX / US Dollar cryptocurrency A Buy?

IoTeX / 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: -0.749 Hold/Accumulate Upgraded

Predicted Opening Price for IoTeX / US Dollar of Wednesday, April 24, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.