Trace Network Labs USD Cryptocurrency Forecast

Volatile ride for Trace Network Labs USD cryptocurrency price on Monday moving between $0.0050 and $0.0060
(Updated on May 06, 2024)

TRACEUSD Signals & Forecast

A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 20.88%. 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. The Trace Network Labs USD cryptocurrency holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the cryptocurrency giving a more negative forecast for the stock. On further gains, the cryptocurrency will meet resistance from the long-term Moving Average at $0.0055. On a fall, the cryptocurrency will find some support from the short-term average at $0.0048. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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 Trace Network Labs USD cryptocurrency

On the downside, the cryptocurrency finds support just below today's level from accumulated volume at $0.0046 and $0.0045. 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, Trace Network Labs USD finds support just below today's level at $0.0046. If this is broken, then the next support from accumulated volume will be at $0.0045 and $0.0045.

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 $0.0011 between high and low, or 21.09%. For the last week the cryptocurrency has had daily average volatility of 19.80%.

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

Trading Expectations (TRACEUSD) For The Upcoming Trading Day Of Tuesday 7th

For the upcoming trading day on Tuesday, 7th we expect Trace Network Labs USD to open at $0.0054, and during the day (based on 14 day Average True Range), to move between $0.0042 and $0.0059, which gives a possible trading interval of +/-$0.0009 (+/-17.13%) up or down from last closing price. If Trace Network Labs USD takes out the full calculated possible swing range there will be an estimated 34.26% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.0052 (3.51%) than the support at $0.0046 (8.03%), 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 Trace Network Labs USD cryptocurrency A Buy?

Trace Network Labs USD holds several negative signals and we believe that 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 Hold/Accumulate to a Sell candidate.

Current score: -1.520 Sell Candidate Downgraded

Predicted Opening Price for Trace Network Labs USD of Tuesday, May 7, 2024

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