Tornado Cash / US Dollar Cryptocurrency Forecast
A very strong day for Tornado Cash / US Dollar cryptocurrency price on Monday
(Updated on May 20, 2024)
The Tornado Cash / US Dollar cryptocurrency price gained 7.78% on the last trading day (Monday, 20th May 2024), rising from $2.91 to $3.14. During the last trading day the cryptocurrency fluctuated 9.38% from a day low at $2.89 to a day high of $3.16. The price has risen in 6 of the last 10 days and is up by 13.63% over the past 2 weeks. Volume fell on the last day by -886 shares and in total, 41 thousand shares were bought and sold for approximately $128.20 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 middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the cryptocurrency is expected to rise 40.69% during the next 3 months and, with a 90% probability hold a price between $3.53 and $6.28 at the end of this 3-month period.
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TORNUSD Signals & Forecast
The Tornado Cash / 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 $2.93 and $2.68. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Friday, March 22, 2024, and so far it has fallen -12.97%. 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 Tornado Cash / US Dollar cryptocurrency
On the downside, the cryptocurrency finds support just below today's level from accumulated volume at $2.96 and $2.96. There is a natural risk involved when a cryptocurrency is testing a support level, since if this is broken, the cryptocurrency then may fall to the next support level. In this case, Tornado Cash / US Dollar finds support just below today's level at $2.96. If this is broken, then the next support from accumulated volume will be at $2.96 and $2.40.
This cryptocurrency has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the cryptocurrency moved $0.271 between high and low, or 9.38%. For the last week the cryptocurrency has had daily average volatility of 5.40%.
Our recommended stop-loss: $2.98 (-5.10%) (This cryptocurrency has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 77 days ago.)
Trading Expectations (TORNUSD) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Tornado Cash / US Dollar to open at $3.06, and during the day (based on 14 day Average True Range), to move between $2.92 and $3.35, which gives a possible trading interval of +/-$0.214 (+/-6.82%) up or down from last closing price. If Tornado Cash / US Dollar takes out the full calculated possible swing range there will be an estimated 13.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $3.25 (3.65%) than the support at $2.96 (5.71%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Tornado Cash / US Dollar cryptocurrency A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Tornado Cash / US Dollar cryptocurrency to perform well in the short-term.
Current score: 3.997 Buy Candidate Unchanged
Predicted Opening Price for Tornado Cash / US Dollar of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| $3.06 ( 2.39%) | $3.14 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TORNUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.34 | 6.26 % | |
| R2 | 3.23 | 2.95 % | ||
| R1 | 3.17 | 0.92 % | ||
| Current price: | 3.14 | |||
| Support | S1 | 2.96 | -5.69 % | |
| S2 | 2.90 | -7.73 % | ||
| S3 | 2.79 | -11.03 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.61 | 14.91 % | |
| R2 | 3.30 | 5.28 % | ||
| R1 | 3.25 | 3.65 % | ||
| Current price | 3.14 | |||
| Support | S1 | 2.96 | -5.71% | |
| S2 | 2.96 | -5.81% | ||
| S3 | 2.40 | -23.63% |
FAQ
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