Parachute USD Cryptocurrency Forecast
Stronger technical forecast for Parachute USD cryptocurrency price after Friday trading.
(Updated on May 17, 2024)
The Parachute USD cryptocurrency price gained 1.67% on the last trading day (Friday, 17th May 2024), rising from $0.0004 to $0.0004. During the last trading day the cryptocurrency fluctuated 3.86% from a day low at $0.0004 to a day high of $0.0004. The price has risen in 6 of the last 10 days and is up by 4.9% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 27 more shares were traded than the day before. In total, 27 shares were bought and sold for approximately $0.0115 .
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 $0.0005 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 -10.30% during the next 3 months and, with a 90% probability hold a price between $0.0001 and $0.0004 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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PARUSD Signals & Forecast
The Parachute USD cryptocurrency holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the cryptocurrency has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.0004 and $0.0004. 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). Parachute USD 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. The very low volume increases the risk and reduces the other technical signals issued. 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 Wednesday, March 13, 2024, and so far it has fallen -12.50%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Parachute USD cryptocurrency
Parachute USD finds support from accumulated volume at $0.0004 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 $0.000016 between high and low, or 3.86%. For the last week, the cryptocurrency has had daily average volatility of 3.68%.
Our recommended stop-loss: $0.0004 (-5.76%) (This cryptocurrency has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 65 days ago.)
Trading Expectations (PARUSD) For The Upcoming Trading Day Of Saturday 18th
For the upcoming trading day on Saturday, 18th we expect Parachute USD to open at $0.0004, and during the day (based on 14 day Average True Range), to move between $0.0004 and $0.0004, which gives a possible trading interval of +/-$0.00001481 (+/-3.47%) up or down from last closing price. If Parachute USD takes out the full calculated possible swing range there will be an estimated 6.94% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0004 (0.47%) than the support at $0.0004 (2.11%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Parachute USD cryptocurrency A Buy?
Parachute 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. We have upgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Upgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Parachute USD of Saturday, May 18, 2024
| Fair opening price May 18, 2024 | Current price |
|---|---|
| $0.0004 ( 0.781%) | $0.0004 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PARUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0004 | 2.97 % | |
| R2 | 0.0004 | 1.54 % | ||
| R1 | 0.0004 | 0.651 % | ||
| Current price: | 0.0004 | |||
| Support | S1 | 0.0004 | -2.21 % | |
| S2 | 0.0004 | -3.10 % | ||
| S3 | 0.0004 | -4.53 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0005 | 8.90 % | |
| R2 | 0.0005 | 6.56 % | ||
| R1 | 0.0004 | 0.468 % | ||
| Current price | 0.0004 | |||
| Support | S1 | 0.0004 | -2.11% | |
| S2 | 0.0004 | -3.04% | ||
| S3 | 0.0004 | -4.22% |
FAQ
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