Wootrade / US Dollar Cryptocurrency Forecast
Evaluation of Wootrade / US Dollar cryptocurrency downgraded after the last trading session.
(Updated on May 20, 2024)
The Wootrade / US Dollar cryptocurrency price fell by -1.36% on the last day (Monday, 20th May 2024) from $0.301 to $0.297. During the last trading day the cryptocurrency fluctuated 6.63% from a day low at $0.290 to a day high of $0.309. The price has fallen in 6 of the last 10 days and is down by -0.74% for this period. Volume has increased on the last day by 16 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 17 million shares were bought and sold for approximately $5.06 million.
The cryptocurrency lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the cryptocurrency is expected to fall -48.62% during the next 3 months and, with a 90% probability hold a price between $0.124 and $0.174 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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WOOUSD Signals & Forecast
The Wootrade / US Dollar cryptocurrency holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the cryptocurrency has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.281 and $0.295. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 15, 2024, and so far it has risen 14.24%. 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 rose on falling prices yesterday. This may be an early warning and the cryptocurrency should be followed more closely.
Support, Risk & Stop-loss for Wootrade / US Dollar cryptocurrency
Wootrade / US Dollar finds support from accumulated volume at $0.284 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This cryptocurrency has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the cryptocurrency moved $0.0192 between high and low, or 6.63%. For the last week, the cryptocurrency has had daily average volatility of 5.36%.
Our recommended stop-loss: $0.288 (-3.12%) (This cryptocurrency has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 77 days ago.)
Trading Expectations (WOOUSD) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Wootrade / US Dollar to open at $0.299, and during the day (based on 14 day Average True Range), to move between $0.276 and $0.318, which gives a possible trading interval of +/-$0.0211 (+/-7.09%) up or down from last closing price. If Wootrade / US Dollar takes out the full calculated possible swing range there will be an estimated 14.19% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.299 (0.74%) than the support at $0.284 (4.51%), 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 Wootrade / US Dollar cryptocurrency A Buy?
Wootrade / 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: 0.670 Hold/Accumulate Downgraded
Predicted Opening Price for Wootrade / US Dollar of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| $0.299 ( 0.561%) | $0.297 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WOOUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.318 | 7.03 % | |
| R2 | 0.310 | 4.56 % | ||
| R1 | 0.306 | 3.03 % | ||
| Current price: | 0.297 | |||
| Support | S1 | 0.291 | -1.91 % | |
| S2 | 0.287 | -3.44 % | ||
| S3 | 0.279 | -5.91 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.323 | 8.89 % | |
| R2 | 0.301 | 1.38 % | ||
| R1 | 0.299 | 0.741 % | ||
| Current price | 0.297 | |||
| Support | S1 | 0.284 | -4.51% | |
| S2 | 0.278 | -6.50% | ||
| S3 | 0.276 | -6.90% |
FAQ
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