Paxos Standard / US Dollar Cryptocurrency Forecast
Paxos Standard / US Dollar cryptocurrency downgraded from Buy Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on May 08, 2024)
The Paxos Standard / US Dollar cryptocurrency price fell by -0.170% on the last day (Wednesday, 8th May 2024) from $1.00 to $1.00. During the last trading day the cryptocurrency fluctuated 7.99% from a day low at $1.00 to a day high of $1.08. The price has fallen in 5 of the last 10 days but is still up by 0.02% over the past 2 weeks. Volume has increased on the last day by 2 million 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, 6 million shares were bought and sold for approximately $6.14 million.
The cryptocurrencyis at the upper part of a horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $1.01 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Paxos Standard / US Dollar cryptocurrency with a 90% probability to be traded between $0.94 and $1.02 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and cryptocurrencies seldom manage to go directly from the bottom of a trend up to the top. Cryptocurrencies turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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PAXUSD Signals & Forecast
The Paxos Standard / US Dollar cryptocurrency holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the cryptocurrency giving a positive forecast for the stock. On further gains, the cryptocurrency will meet resistance from the short-term Moving Average at approximately $1.00. On a fall, the cryptocurrency will find some support from the long-term average at approximately $1.00. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Friday, May 03, 2024, and so far it has fallen -0.517%. 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). Volume rose on falling prices yesterday. This may be an early warning and the cryptocurrency should be followed more closely. The cryptocurrency had a Golden Star Signal on Monday, March 11, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Monday, March 11, 2024.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the cryptocurrency in question.
Golden Star
The cryptocurrency had a Golden Star Signal on Monday, March 11, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Monday, March 11, 2024.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the cryptocurrency in question.
Golden Star 12 Months
The cryptocurrency had a Golden Star Signal on Monday, March 11, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Monday, March 11, 2024.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the cryptocurrency in question.
Support, Risk & Stop-loss for Paxos Standard / US Dollar cryptocurrency
Paxos Standard / US Dollar finds support from accumulated volume at $1.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the cryptocurrency tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the cryptocurrency moved $0.0799 between high and low, or 7.99%. For the last week the cryptocurrency has had daily average volatility of 6.49%.
Our recommended stop-loss: $0.94 (-5.83%) (This cryptocurrency has low daily movements and this gives low risk. There is a sell signal from a pivot top found 5 days ago.)
Trading Expectations (PAXUSD) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Paxos Standard / US Dollar to open at $1.03, and during the day (based on 14 day Average True Range), to move between -$8.71 and $10.71, which gives a possible trading interval of +/-$9.71 (+/-970.67%) up or down from last closing price. If Paxos Standard / US Dollar takes out the full calculated possible swing range there will be an estimated 1 941.34% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.00 (0.10%) than the resistance at $1.00 (0.16%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Paxos Standard / US Dollar cryptocurrency A Buy?
Paxos Standard / US Dollar holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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: 0.586 Hold/Accumulate Downgraded
Predicted Opening Price for Paxos Standard / US Dollar of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $1.03 ( 2.64%) | $1.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PAXUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.11 | 10.63 % | |
| R2 | 1.08 | 7.58 % | ||
| R1 | 1.06 | 5.69 % | ||
| Current price: | 1.00 | |||
| Support | S1 | 1.00 | -0.409 % | |
| S2 | 0.98 | -2.29 % | ||
| S3 | 0.95 | -5.35 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.00 | 0.440 % | |
| R2 | 1.00 | 0.270 % | ||
| R1 | 1.00 | 0.160 % | ||
| Current price | 1.00 | |||
| Support | S1 | 1.00 | -0.103% | |
| S2 | 0.99 | -1.31% | ||
| S3 | 0.94 | -6.02% |
FAQ
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