SKALE Network / US Dollar Cryptocurrency Forecast
SKALE Network / US Dollar cryptocurrency downgraded from Sell Candidate to Strong Sell Candidate after Friday trading session.
(Updated on Apr 26, 2024)
The SKALE Network / US Dollar cryptocurrency price gained 0.0319% on the last trading day (Friday, 26th Apr 2024), rising from $0.0939 to $0.0939. During the last trading day the cryptocurrency fluctuated 5.40% from a day low at $0.0917 to a day high of $0.0966. The price has risen in 6 of the last 10 days and is up by 1.34% over the past 2 weeks. Volume fell on the last day by -29 million shares and in total, 4 million shares were bought and sold for approximately $385.39 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The cryptocurrency lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.0903 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the cryptocurrency is expected to rise 30.45% during the next 3 months and, with a 90% probability hold a price between $0.118 and $0.170 at the end of this 3-month period.
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SKLUSD Signals & Forecast
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 SKALE Network / US Dollar 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 $0.0967 and $0.107. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Saturday, April 06, 2024, and so far it has fallen -23.94%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for SKALE Network / US Dollar cryptocurrency
SKALE Network / US Dollar finds support from accumulated volume at $0.0938 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 very much during the day (volatility) and with periodic low trading volume this cryptocurrency is considered to be "very high risk". During the last day, the cryptocurrency moved $0.0050 between high and low, or 5.40%. For the last week the cryptocurrency has had daily average volatility of 5.89%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SKLUSD) For The Upcoming Trading Day Of Saturday 27th
For the upcoming trading day on Saturday, 27th we expect SKALE Network / US Dollar to open at $0.0941, and during the day (based on 14 day Average True Range), to move between $0.0825 and $0.105, which gives a possible trading interval of +/-$0.0114 (+/-12.13%) up or down from last closing price. If SKALE Network / US Dollar takes out the full calculated possible swing range there will be an estimated 24.26% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0938 (0.14%) than the resistance at $0.0991 (5.50%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is SKALE Network / US Dollar cryptocurrency A Buy?
The SKALE Network / US Dollar cryptocurrency holds several negative signals and despite the positive trend, we believe SKALE Network / US Dollar will perform weakly in the next couple of days or weeks. Therefore, we 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 Sell to a Strong Sell candidate.
Current score: -5.327 Strong Sell Candidate Downgraded
Predicted Opening Price for SKALE Network / US Dollar of Saturday, April 27, 2024
| Fair opening price April 27, 2024 | Current price |
|---|---|
| $0.0941 ( 0.153%) | $0.0939 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SKLUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0990 | 5.42 % | |
| R2 | 0.0971 | 3.41 % | ||
| R1 | 0.0960 | 2.17 % | ||
| Current price: | 0.0939 | |||
| Support | S1 | 0.0922 | -1.86 % | |
| S2 | 0.0910 | -3.10 % | ||
| S3 | 0.0891 | -5.12 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.108 | 15.30 % | |
| R2 | 0.108 | 15.19 % | ||
| R1 | 0.0991 | 5.50 % | ||
| Current price | 0.0939 | |||
| Support | S1 | 0.0938 | -0.138% | |
| S2 | 0.0911 | -3.01% | ||
| S3 | 0.0861 | -8.34% |
FAQ
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