IoTeX / US Dollar Cryptocurrency Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
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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