Omega Network USD Cryptocurrency Forecast
Omega Network USD cryptocurrency downgraded from Hold/Accumulate to Sell Candidate after Saturday trading session.
(Updated on May 18, 2024)
The Omega Network USD cryptocurrency price fell by -4.37% on the last day (Saturday, 18th May 2024) from $0.0044 to $0.0043. During the last trading day the cryptocurrency fluctuated 4.45% from a day low at $0.0043 to a day high of $0.0044. The price has fallen in 6 of the last 10 days and is down by -7.55% for this period. Volume has increased on the last day by 22 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 224 thousand shares were bought and sold for approximately $952.37 .
The cryptocurrency lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the cryptocurrency is expected to fall -49.90% during the next 3 months and, with a 90% probability hold a price between $0.0017 and $0.0027 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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OMNUSD Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, May 14, 2024, and so far it has risen 4.65%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Omega Network USD cryptocurrency holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $0.0043 and $0.0045. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Omega Network USD gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Omega Network USD cryptocurrency
Omega Network USD finds support from accumulated volume at $0.0042 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 $0.0002 between high and low, or 4.45%. For the last week, the cryptocurrency has had daily average volatility of 4.49%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (OMNUSD) For The Upcoming Trading Day Of Sunday 19th
For the upcoming trading day on Sunday, 19th we expect Omega Network USD to open at $0.0043, and during the day (based on 14 day Average True Range), to move between $0.0039 and $0.0046, which gives a possible trading interval of +/-$0.0003 (+/-7.27%) up or down from last closing price. If Omega Network USD takes out the full calculated possible swing range there will be an estimated 14.55% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0042 (2.24%) than the resistance at $0.0046 (7.22%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Omega Network USD cryptocurrency A Buy?
Omega Network USD holds several negative signals and is within a very wide and falling trend, so we believe 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: -3.558 Sell Candidate Downgraded
Predicted Opening Price for Omega Network USD of Sunday, May 19, 2024
| Fair opening price May 19, 2024 | Current price |
|---|---|
| $0.0043 ( 1.48%) | $0.0043 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OMNUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0045 | 5.93 % | |
| R2 | 0.0044 | 4.23 % | ||
| R1 | 0.0044 | 3.18 % | ||
| Current price: | 0.0043 | |||
| Support | S1 | 0.0042 | -0.216 % | |
| S2 | 0.0042 | -1.27 % | ||
| S3 | 0.0041 | -2.96 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0050 | 16.73 % | |
| R2 | 0.0047 | 10.66 % | ||
| R1 | 0.0046 | 7.22 % | ||
| Current price | 0.0043 | |||
| Support | S1 | 0.0042 | -2.24% | |
| S2 | 0.0041 | -2.95% | ||
| S3 | 0.0041 | -3.13% |
FAQ
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