OriginTrail / US Dollar Cryptocurrency Forecast
OriginTrail / US Dollar cryptocurrency downgraded from Hold/Accumulate to Sell Candidate after Tuesday trading session.
(Updated on May 07, 2024)
The OriginTrail / US Dollar cryptocurrency price fell by -1.45% on the last day (Tuesday, 7th May 2024) from $0.91 to $0.90. During the last trading day the cryptocurrency fluctuated 3.55% from a day low at $0.88 to a day high of $0.91. The price has fallen in 6 of the last 10 days and is down by -0.64% for this period. Volume fell on the last day along with the cryptocurrency, which is actually a good sign as volume should follow the cryptocurrency. On the last day, the trading volume fell by -54 thousand shares and in total, 3 million shares were bought and sold for approximately $2.37 million.
The cryptocurrency is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect OriginTrail / US Dollar cryptocurrency with a 90% probability to be traded between $0.654 and $1.46 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.
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TRACUSD 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 OriginTrail / US Dollar 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 $0.95. On a fall, the cryptocurrency will find some support from the short-term average at $0.88. 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. A sell signal was issued from a pivot top point on Saturday, March 09, 2024, and so far it has fallen -40.53%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for OriginTrail / US Dollar cryptocurrency
OriginTrail / US Dollar finds support from accumulated volume at $0.89 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 a large prediction interval from the Bollinger Band this cryptocurrency is considered to be "high risk". During the last day, the cryptocurrency moved $0.0311 between high and low, or 3.55%. For the last week, the cryptocurrency has had daily average volatility of 6.52%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (TRACUSD) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect OriginTrail / US Dollar to open at $0.89, and during the day (based on 14 day Average True Range), to move between $0.82 and $0.97, which gives a possible trading interval of +/-$0.0763 (+/-8.52%) up or down from last closing price. If OriginTrail / US Dollar takes out the full calculated possible swing range there will be an estimated 17.03% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.89 (0.32%) than the resistance at $0.96 (7.53%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is OriginTrail / US Dollar cryptocurrency A Buy?
OriginTrail / US Dollar 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: -1.329 Sell Candidate Downgraded
Predicted Opening Price for OriginTrail / US Dollar of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $0.89 ( 0.323%) | $0.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TRACUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.92 | 3.15 % | |
| R2 | 0.91 | 1.82 % | ||
| R1 | 0.91 | 1.00 % | ||
| Current price: | 0.90 | |||
| Support | S1 | 0.88 | -1.65 % | |
| S2 | 0.87 | -2.47 % | ||
| S3 | 0.86 | -3.79 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.05 | 17.15 % | |
| R2 | 1.03 | 15.27 % | ||
| R1 | 0.96 | 7.53 % | ||
| Current price | 0.90 | |||
| Support | S1 | 0.89 | -0.323% | |
| S2 | 0.83 | -7.46% | ||
| S3 | 0.754 | -15.86% |
FAQ
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