SKALE Network / US Dollar Cryptocurrency Forecast
Green day on Wednesday for SKALE Network / US Dollar cryptocurrency after gaining 0.0656%
(Updated on May 08, 2024)
The SKALE Network / US Dollar cryptocurrency price gained 0.0656% on the last trading day (Wednesday, 8th May 2024), rising from $0.0762 to $0.0763. During the last trading day the cryptocurrency fluctuated 4.93% from a day low at $0.0750 to a day high of $0.0787. The price has risen in 6 of the last 10 days but is still down by -13.69% for this period. Volume fell on the last day by -18 million shares and in total, 2 million shares were bought and sold for approximately $124.55 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 is at the lower part of a very wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $0.0757 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect SKALE Network / US Dollar cryptocurrency with a 90% probability to be traded between $0.0764 and $0.125 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.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
SKLUSD Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, May 01, 2024, and so far it has risen 0.86%. Further rise is indicated until a new top pivot has been found. 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 $0.0776 and $0.0955. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 $0.0762 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 periodic low trading volume this cryptocurrency is considered to be "high risk". During the last day, the cryptocurrency moved $0.0037 between high and low, or 4.93%. For the last week the cryptocurrency has had daily average volatility of 6.03%.
SKALE Network / US Dollar is oversold on RSI14 (13). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
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 Thursday 9th
For the upcoming trading day on Thursday, 9th we expect SKALE Network / US Dollar to open at $0.0767, and during the day (based on 14 day Average True Range), to move between $0.0681 and $0.0844, which gives a possible trading interval of +/-$0.0082 (+/-10.69%) 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 21.38% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0762 (0.07%) than the resistance at $0.0861 (12.92%), 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?
SKALE Network / US Dollar holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this cryptocurrency.
Current score: -2.656 Sell Candidate Unchanged
Predicted Opening Price for SKALE Network / US Dollar of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $0.0767 ( 0.542%) | $0.0763 |
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 | 0.0804 | 5.39 % | |
| R2 | 0.0789 | 3.54 % | ||
| R1 | 0.0781 | 2.40 % | ||
| Current price: | 0.0763 | |||
| Support | S1 | 0.0752 | -1.31 % | |
| S2 | 0.0744 | -2.46 % | ||
| S3 | 0.0730 | -4.31 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0938 | 23.02 % | |
| R2 | 0.0911 | 19.48 % | ||
| R1 | 0.0861 | 12.92 % | ||
| Current price | 0.0763 | |||
| Support | S1 | 0.0762 | -0.0656% | |
| S2 | 0.0758 | -0.538% | ||
| S3 | 0.0756 | -0.85% |
FAQ
Click here for our free guide on how to buy SKALE Network / US Dollar Cryptocurrency.
