ChainPort USD Cryptocurrency Forecast
ChainPort USD cryptocurrency downgraded to Hold/Accumulate
(Updated on Jul 02, 2024)
The ChainPort USD cryptocurrency price fell by -2.07% on the last day (Tuesday, 2nd Jul 2024) from $0.0038 to $0.0037. During the last trading day the cryptocurrency fluctuated 6.76% from a day low at $0.0037 to a day high of $0.0040. The price has been going up and down for this period, and there has been a 28.53% gain for the last 2 weeks. Volume has increased on the last day by 18 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, 163 thousand shares were bought and sold for approximately $610.66 .
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 -60.42% during the next 3 months and, with a 90% probability hold a price between $0.0007 and $0.0019 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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PORTXUSD Signals & Forecast
A buy signal was issued from a pivot bottom point on Sunday, June 30, 2024, and so far it has risen 36.16%. 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 ChainPort USD 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 $0.0038. On a fall, the cryptocurrency will find some support from the short-term average at $0.0032. 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. ChainPort 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 ChainPort USD cryptocurrency
ChainPort USD finds support from accumulated volume at $0.0036 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This cryptocurrency may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this cryptocurrency is considered to be "high risk". During the last day, the cryptocurrency moved $0.0003 between high and low, or 6.76%. For the last week, the cryptocurrency has had daily average volatility of 30.74%.
Our recommended stop-loss: $0.0036 (-2.78%) (This cryptocurrency has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 52 days ago.)
Trading Expectations (PORTXUSD) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect ChainPort USD to open at $0.0038, and during the day (based on 14 day Average True Range), to move between $0.0033 and $0.0042, which gives a possible trading interval of +/-$0.0004 (+/-11.06%) up or down from last closing price. If ChainPort USD takes out the full calculated possible swing range there will be an estimated 22.12% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0038 (2.11%) than the support at $0.0036 (4.25%), 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 ChainPort USD cryptocurrency A Buy?
ChainPort 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. 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: -0.857 Hold/Accumulate Downgraded
Predicted Opening Price for ChainPort USD of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $0.0038 ( 1.53%) | $0.0037 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PORTXUSD
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0040 | 8.22% |
| R2 | 0.0040 | 5.67% |
| R1 | 0.0039 | 4.09% |
| Price | 0.0037 | |
| S1 | 0.0037 | -1.02% |
| S2 | 0.0036 | -2.60% |
| S3 | 0.0035 | -5.15% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0042 | 10.99% |
| R2 | 0.0038 | 2.43% |
| R1 | 0.0038 | 2.11% |
| Price | 0.0037 | |
| S1 | 0.0036 | -4.25% |
| S2 | 0.0032 | -13.61% |
| S3 | 0.0029 | -22.23% |
FAQ
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