MUX Protocol USD Cryptocurrency Forecast
Evaluation of MUX Protocol USD cryptocurrency downgraded after the last trading session.
(Updated on Jul 02, 2024)
The MUX Protocol USD cryptocurrency price fell by -2.15% on the last day (Tuesday, 2nd Jul 2024) from $7.36 to $7.20. During the last trading day the cryptocurrency fluctuated 2.07% from a day low at $7.18 to a day high of $7.33. The price has risen in 6 of the last 10 days and is up by 55.66% over the past 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 -48 thousand shares and in total, 59 thousand shares were bought and sold for approximately $421.19 thousand.
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 $7.28 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 -49.35% during the next 3 months and, with a 90% probability hold a price between $1.78 and $3.69 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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MCBUSD Signals & Forecast
The MUX Protocol USD cryptocurrency holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $6.84 and $5.44. 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 Monday, July 01, 2024, and so far it has fallen -2.15%. 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.
Support, Risk & Stop-loss for MUX Protocol USD cryptocurrency
MUX Protocol USD finds support from accumulated volume at $6.87 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 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 $0.149 between high and low, or 2.07%. For the last week the cryptocurrency has had daily average volatility of 4.08%.
Our recommended stop-loss: $6.92 (-3.94%) (This cryptocurrency has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (MCBUSD) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect MUX Protocol USD to open at $7.23, and during the day (based on 14 day Average True Range), to move between $6.88 and $7.52, which gives a possible trading interval of +/-$0.322 (+/-4.47%) up or down from last closing price. If MUX Protocol USD takes out the full calculated possible swing range there will be an estimated 8.95% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $6.87 (4.61%) than the resistance at $8.17 (13.51%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is MUX Protocol USD cryptocurrency A Buy?
MUX Protocol USD 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 Buy to a Hold/Accumulate candidate.
Current score: 0.255 Hold/Accumulate Downgraded
Predicted Opening Price for MUX Protocol USD of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $7.23 ( 0.480%) | $7.20 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MCBUSD
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 7.38 | 2.55% |
| R2 | 7.33 | 1.76% |
| R1 | 7.29 | 1.27% |
| Price | 7.20 | |
| S1 | 7.18 | -0.311% |
| S2 | 7.14 | -0.799% |
| S3 | 7.08 | -1.59% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8.98 | 24.73% |
| R2 | 8.75 | 21.52% |
| R1 | 8.17 | 13.51% |
| Price | 7.20 | |
| S1 | 6.87 | -4.61% |
| S2 | 6.53 | -9.31% |
| S3 | 5.81 | -19.26% |
FAQ
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