SpaceChain / US Dollar Cryptocurrency Forecast
Weaker technical forecast for SpaceChain / US Dollar as cryptocurrency downgraded to Hold/Accumulate.
(Updated on May 28, 2024)
The SpaceChain / US Dollar cryptocurrency price gained 0.0127% on the last trading day (Tuesday, 28th May 2024), rising from $0.0078 to $0.0078. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the cryptocurrency fluctuated 0.0127% from a day low at $0.0078 to a day high of $0.0078. The price has risen in 8 of the last 10 days and is up by 12.14% over the past 2 weeks. Volume fell on the last day by -53 shares and in total, 974 shares were bought and sold for approximately $7.64 . 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 cryptocurrencyhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $0.0077, a level that may pose a second chance to hit a runner. According to fan-theory $0.0107 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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SPCUSD Signals & Forecast
The SpaceChain / US Dollar cryptocurrency holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $0.0077 and $0.0074. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Sunday, May 12, 2024, and so far it has risen 26.07%. 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. 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 not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for SpaceChain / US Dollar cryptocurrency
SpaceChain / US Dollar finds support from accumulated volume at $0.0077 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 $0.000001 between high and low, or 0.0127%. For the last week the cryptocurrency has had daily average volatility of 0.731%.
The SpaceChain / US Dollar cryptocurrency is extremely overbought on RSI14 (88). Normally this may pose a good selling opportunity but since the cryptocurrency has broken the trend up, the chance for a major correction due to high RSI is very small as the cryptocurrency will find support at the trend broken.
Our recommended stop-loss: $0.0076 (-2.74%) (This cryptocurrency has high daily movements and this gives high risk. The RSI14 is 88 and this increases the risk substantially. There is a buy signal from a pivot bottom found 64 days ago.)
Trading Expectations (SPCUSD) For The Upcoming Trading Day Of Wednesday 29th
For the upcoming trading day on Wednesday, 29th we expect SpaceChain / US Dollar to open at $0.0078, and during the day (based on 14 day Average True Range), to move between $0.0077 and $0.0080, which gives a possible trading interval of +/-$0.0002 (+/-2.53%) up or down from last closing price. If SpaceChain / US Dollar takes out the full calculated possible swing range there will be an estimated 5.06% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0077 (2.13%) than the resistance at $0.0091 (16.07%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is SpaceChain / US Dollar cryptocurrency A Buy?
SpaceChain / US Dollar 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: 0.385 Hold/Accumulate Downgraded
Predicted Opening Price for SpaceChain / US Dollar of Wednesday, May 29, 2024
| Fair opening price May 29, 2024 | Current price |
|---|---|
| $0.0078 ( 0.0042%) | $0.0078 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SPCUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0078 | 0.0085 % | |
| R2 | 0.0078 | 0.0036 % | ||
| R1 | 0.0078 | 0.0006 % | ||
| Current price: | 0.0078 | |||
| Support | S1 | 0.0078 | -0.0091 % | |
| S2 | 0.0078 | -0.0121 % | ||
| S3 | 0.0078 | -0.0170 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0098 | 24.92 % | |
| R2 | 0.0097 | 23.21 % | ||
| R1 | 0.0091 | 16.07 % | ||
| Current price | 0.0078 | |||
| Support | S1 | 0.0077 | -2.13% | |
| S2 | 0.0077 | -2.28% | ||
| S3 | 0.0063 | -19.72% |
FAQ
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