Nexo / Us Dollar Cryptocurrency Forecast
Nexo / Us Dollar cryptocurrency downgraded to Sell Candidate
(Updated on Apr 24, 2024)
The Nexo / Us Dollar cryptocurrency price gained 0.198% on the last trading day (Wednesday, 24th Apr 2024), rising from $1.26 to $1.27. During the last trading day the cryptocurrency fluctuated 4.25% from a day low at $1.25 to a day high of $1.30. The price has been going up and down for this period, and there has been a 1.69% gain for the last 2 weeks. Volume fell on the last day by -4 million shares and in total, 1 million shares were bought and sold for approximately $1.61 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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 $1.24 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 37.06% during the next 3 months and, with a 90% probability hold a price between $1.70 and $2.41 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
NEXOUSD Signals & Forecast
Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The cryptocurrency should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Nexo / 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 $1.31. On a fall, the cryptocurrency will find some support from the short-term average at $1.24. 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 Tuesday, March 05, 2024, and so far it has fallen -15.11%. 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).
Support, Risk & Stop-loss for Nexo / Us Dollar cryptocurrency
On the downside, the cryptocurrency finds support just below today's level from accumulated volume at $1.17 and $1.16. 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, Nexo / Us Dollar finds support just below today's level at $1.17. If this is broken, then the next support from accumulated volume will be at $1.16 and $0.99.
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 $0.0530 between high and low, or 4.25%. For the last week, the cryptocurrency has had daily average volatility of 5.30%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (NEXOUSD) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Nexo / Us Dollar to open at $1.27, and during the day (based on 14 day Average True Range), to move between $1.18 and $1.36, which gives a possible trading interval of +/-$0.0894 (+/-7.06%) up or down from last closing price. If Nexo / Us Dollar takes out the full calculated possible swing range there will be an estimated 14.12% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.17 (7.84%) than the resistance at $1.47 (15.90%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Nexo / Us Dollar cryptocurrency A Buy?
The Nexo / Us Dollar cryptocurrency holds several negative signals and despite the positive trend, we believe Nexo / Us Dollar will perform weakly in the next couple of days or weeks. Therefore, we 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: -1.869 Sell Candidate Downgraded
Predicted Opening Price for Nexo / Us Dollar of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $1.27 ( 0.395%) | $1.27 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NEXOUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.32 | 4.58 % | |
| R2 | 1.30 | 2.98 % | ||
| R1 | 1.29 | 1.99 % | ||
| Current price: | 1.27 | |||
| Support | S1 | 1.25 | -1.20 % | |
| S2 | 1.24 | -2.19 % | ||
| S3 | 1.22 | -3.79 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.49 | 17.79 % | |
| R2 | 1.49 | 17.48 % | ||
| R1 | 1.47 | 15.90 % | ||
| Current price | 1.27 | |||
| Support | S1 | 1.17 | -7.84% | |
| S2 | 1.16 | -8.47% | ||
| S3 | 0.99 | -21.61% |
FAQ
Click here for our free guide on how to buy Nexo / Us Dollar Cryptocurrency.
