BENQI Liquid Staked AVAX USD Cryptocurrency Forecast
Red day on Tuesday for BENQI Liquid Staked AVAX USD cryptocurrency after losing 3.43%
(Updated on May 07, 2024)
The BENQI Liquid Staked AVAX USD cryptocurrency price fell by -3.43% on the last day (Tuesday, 7th May 2024) from $42.85 to $41.38. During the last trading day the cryptocurrency fluctuated 3.23% from a day low at $41.32 to a day high of $42.65. The price has risen in 6 of the last 10 days and is up by 5.53% over the past 2 weeks. Volume fell on the last day along with the cryptocurrency, which is actually a good sign as volume should follow the cryptocurrency. On the last day, the trading volume fell by -3 million shares and in total, 1 million shares were bought and sold for approximately $57.72 million.
The cryptocurrency lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $36.72 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the cryptocurrency is expected to fall -5.95% during the next 3 months and, with a 90% probability hold a price between $34.54 and $63.96 at the end of this 3-month period.
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SAVAXUSD Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, May 01, 2024, and so far it has risen 11.79%. 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 BENQI Liquid Staked AVAX 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 $44.07. On a fall, the cryptocurrency will find some support from the short-term average at $40.74. 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. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for BENQI Liquid Staked AVAX USD cryptocurrency
BENQI Liquid Staked AVAX USD finds support from accumulated volume at $40.78 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 $1.33 between high and low, or 3.23%. For the last week, the cryptocurrency has had daily average volatility of 4.79%.
Our recommended stop-loss: $39.66 (-4.16%) (This cryptocurrency has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (SAVAXUSD) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect BENQI Liquid Staked AVAX USD to open at $41.78, and during the day (based on 14 day Average True Range), to move between $38.73 and $44.03, which gives a possible trading interval of +/-$2.65 (+/-6.41%) up or down from last closing price. If BENQI Liquid Staked AVAX USD takes out the full calculated possible swing range there will be an estimated 12.82% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $40.78 (1.44%) than the resistance at $42.85 (3.55%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is BENQI Liquid Staked AVAX USD cryptocurrency A Buy?
BENQI Liquid Staked AVAX 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.
Current score: -0.457 Hold/Accumulate Unchanged
Predicted Opening Price for BENQI Liquid Staked AVAX USD of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $41.78 ( 0.98%) | $41.38 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SAVAXUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 43.12 | 4.21 % | |
| R2 | 42.61 | 2.97 % | ||
| R1 | 42.29 | 2.21 % | ||
| Current price: | 41.38 | |||
| Support | S1 | 41.28 | -0.251 % | |
| S2 | 40.96 | -1.01 % | ||
| S3 | 40.45 | -2.24 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 44.52 | 7.60 % | |
| R2 | 44.45 | 7.43 % | ||
| R1 | 42.85 | 3.55 % | ||
| Current price | 41.38 | |||
| Support | S1 | 40.78 | -1.44% | |
| S2 | 40.59 | -1.90% | ||
| S3 | 38.92 | -5.95% |
FAQ
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