SONM / US Dollar Cryptocurrency Forecast

Big movements in SONM / US Dollar cryptocurrency price on Tuesday moving 461.02% between high and low
(Updated on Jul 02, 2024)

SNMUSD 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 SONM / 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 $0.0012 and $0.0013. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, July 01, 2024, and so far it has fallen -72.11%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this cryptocurrency may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for SONM / US Dollar cryptocurrency

On the downside, the cryptocurrency finds support just below today's level from accumulated volume at $0.0005 and $0.0005. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $0.0005 may give a huge drop in the cryptocurrency price.

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 $0.0016 between high and low, or 461.02%. For the last week the cryptocurrency has had daily average volatility of 180.04%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (SNMUSD) For The Upcoming Trading Day Of Wednesday 3rd

For the upcoming trading day on Wednesday, 3rd we expect SONM / US Dollar to open at $0.0010, and during the day (based on 14 day Average True Range), to move between -$0.0003 and $0.0013, which gives a possible trading interval of +/-$0.0008 (+/-155.59%) up or down from last closing price. If SONM / US Dollar takes out the full calculated possible swing range there will be an estimated 311.18% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $0.0005 (8.41%) than the resistance at $0.0006 (13.58%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is SONM / US Dollar cryptocurrency A Buy?

SONM / 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. 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 Strong Sell candidate.

Current score: -6.931 Strong Sell Candidate Downgraded

Predicted Opening Price for SONM / US Dollar of Wednesday, July 3, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.