IOTA / Dollar Cryptocurrency Forecast
Evaluation of IOTA / Dollar cryptocurrency downgraded after the last trading session.
(Updated on May 04, 2024)
The IOTA / Dollar cryptocurrency price fell by -0.710% on the last day (Saturday, 4th May 2024) from $0.227 to $0.225. During the last trading day the cryptocurrency fluctuated 2.49% from a day low at $0.225 to a day high of $0.231. The price has fallen in 6 of the last 10 days and is down by -6.32% for this period. 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 -8 million shares and in total, 13 million shares were bought and sold for approximately $2.85 million.
The cryptocurrency lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.208 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the cryptocurrency is expected to fall -10.62% during the next 3 months and, with a 90% probability hold a price between $0.186 and $0.343 at the end of this 3-month period.
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MIOTAUSD Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 7.25%. Further rise is indicated until a new top pivot has been found. 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. The IOTA / 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 $0.257. On a fall, the cryptocurrency will find some support from the short-term average at $0.221. 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. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for IOTA / Dollar cryptocurrency
IOTA / Dollar finds support from accumulated volume at $0.223 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 and with good trading volume, the risk is considered to be medium. During the last day, the cryptocurrency moved $0.0056 between high and low, or 2.49%. For the last week, the cryptocurrency has had daily average volatility of 3.37%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MIOTAUSD) For The Upcoming Trading Day Of Sunday 5th
For the upcoming trading day on Sunday, 5th we expect IOTA / Dollar to open at $0.227, and during the day (based on 14 day Average True Range), to move between $0.209 and $0.241, which gives a possible trading interval of +/-$0.0157 (+/-6.98%) up or down from last closing price. If IOTA / Dollar takes out the full calculated possible swing range there will be an estimated 13.97% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.223 (0.80%) than the resistance at $0.233 (3.68%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is IOTA / Dollar cryptocurrency A Buy?
IOTA / Dollar holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this cryptocurrency. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.818 Sell Candidate Downgraded
Predicted Opening Price for IOTA / Dollar of Sunday, May 5, 2024
| Fair opening price May 5, 2024 | Current price |
|---|---|
| $0.227 ( 0.83%) | $0.225 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MIOTAUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.233 | 3.32 % | |
| R2 | 0.230 | 2.37 % | ||
| R1 | 0.229 | 1.78 % | ||
| Current price: | 0.225 | |||
| Support | S1 | 0.225 | -0.121 % | |
| S2 | 0.224 | -0.709 % | ||
| S3 | 0.221 | -1.66 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.261 | 15.72 % | |
| R2 | 0.240 | 6.74 % | ||
| R1 | 0.233 | 3.68 % | ||
| Current price | 0.225 | |||
| Support | S1 | 0.223 | -0.80% | |
| S2 | 0.218 | -3.30% | ||
| S3 | 0.218 | -3.35% |
FAQ
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