IoTeX / US Dollar Cryptocurrency Forecast
Volatile ride for IoTeX / US Dollar cryptocurrency price on Friday moving between $0.0537 and $0.0592
(Updated on May 03, 2024)
The IoTeX / US Dollar cryptocurrency price gained 11.93% on the last trading day (Friday, 3rd May 2024), rising from $0.0523 to $0.0586. During the last trading day the cryptocurrency fluctuated 10.18% from a day low at $0.0537 to a day high of $0.0592. The price has fallen in 9 of the last 10 days and is down by -11.61% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 11 million more shares were traded than the day before. In total, 16 million shares were bought and sold for approximately $920.16 thousand.
The cryptocurrency lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.0525 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the cryptocurrency is expected to rise 18.50% during the next 3 months and, with a 90% probability hold a price between $0.0622 and $0.112 at the end of this 3-month period.
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IOTXUSD Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). IoTeX / US Dollar 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. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 $0.0653. On a fall, the cryptocurrency will find some support from the short-term average at $0.0576. 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 -34.50%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for IoTeX / US Dollar cryptocurrency
IoTeX / US Dollar finds support from accumulated volume at $0.0585 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 much during the day (volatility) and with a large prediction interval from the Bollinger Band this cryptocurrency is considered to be "high risk". During the last day, the cryptocurrency moved $0.0055 between high and low, or 10.18%. For the last week, the cryptocurrency has had daily average volatility of 8.16%.
Our recommended stop-loss: $0.0551 (-5.92%) (This cryptocurrency has high daily movements and this gives high risk. There is a sell signal from a pivot top found 30 days ago.)
Trading Expectations (IOTXUSD) For The Upcoming Trading Day Of Saturday 4th
For the upcoming trading day on Saturday, 4th we expect IoTeX / US Dollar to open at $0.0572, and during the day (based on 14 day Average True Range), to move between $0.0519 and $0.0652, which gives a possible trading interval of +/-$0.0067 (+/-11.39%) up or down from last closing price. If IoTeX / US Dollar takes out the full calculated possible swing range there will be an estimated 22.78% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0585 (0.19%) than the resistance at $0.0677 (15.64%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
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: -0.485 Hold/Accumulate Upgraded
Predicted Opening Price for IoTeX / US Dollar of Saturday, May 4, 2024
| Fair opening price May 4, 2024 | Current price |
|---|---|
| $0.0572 ( 2.40%) | $0.0586 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for IOTXUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0626 | 6.94 % | |
| R2 | 0.0605 | 3.38 % | ||
| R1 | 0.0592 | 1.17 % | ||
| Current price: | 0.0586 | |||
| Support | S1 | 0.0551 | -5.96 % | |
| S2 | 0.0538 | -8.17 % | ||
| S3 | 0.0517 | -11.74 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0724 | 23.55 % | |
| R2 | 0.0677 | 15.68 % | ||
| R1 | 0.0677 | 15.64 % | ||
| Current price | 0.0586 | |||
| Support | S1 | 0.0585 | -0.188% | |
| S2 | 0.0539 | -8.01% | ||
| S3 | 0.0533 | -9.07% |
FAQ
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