Horizen / US Dollar Cryptocurrency Forecast
Evaluation of Horizen / US Dollar cryptocurrency downgraded after the last trading session.
(Updated on May 01, 2024)
The Horizen / US Dollar cryptocurrency price fell by -3.84% on the last day (Wednesday, 1st May 2024) from $8.60 to $8.27. During the last trading day the cryptocurrency fluctuated 8.33% from a day low at $7.80 to a day high of $8.45. The price has fallen in 6 of the last 10 days and is down by -8.92% for this period. Volume has increased on the last day by 6 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, 7 million shares were bought and sold for approximately $59.66 million.
The cryptocurrency lies in the lower part of a very wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $8.09 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the cryptocurrency is expected to rise 3.33% during the next 3 months and, with a 90% probability hold a price between $8.36 and $17.59 at the end of this 3-month period.
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ZENUSD 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 Horizen / US Dollar cryptocurrency holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $8.74 and $10.67. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, March 15, 2024, and so far it has fallen -50.57%. Further fall is indicated until a new bottom pivot has been found. 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 Horizen / US Dollar cryptocurrency
Horizen / US Dollar finds support from accumulated volume at $8.05 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 $0.650 between high and low, or 8.33%. For the last week, the cryptocurrency has had daily average volatility of 6.02%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ZENUSD) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Horizen / US Dollar to open at $8.17, and during the day (based on 14 day Average True Range), to move between $7.44 and $9.10, which gives a possible trading interval of +/-$0.83 (+/-9.99%) up or down from last closing price. If Horizen / US Dollar takes out the full calculated possible swing range there will be an estimated 19.99% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $8.05 (2.66%) than the resistance at $9.91 (19.83%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Horizen / US Dollar cryptocurrency A Buy?
The Horizen / US Dollar cryptocurrency holds several negative signals and despite the positive trend, we believe Horizen / US Dollar will perform weakly in the next couple of days or weeks. Therefore, we 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 Sell to a Strong Sell candidate.
Current score: -5.194 Strong Sell Candidate Downgraded
Predicted Opening Price for Horizen / US Dollar of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $8.17 ( 1.17%) | $8.27 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ZENUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.82 | 6.69 % | |
| R2 | 8.58 | 3.69 % | ||
| R1 | 8.42 | 1.83 % | ||
| Current price: | 8.27 | |||
| Support | S1 | 7.93 | -4.17 % | |
| S2 | 7.77 | -6.03 % | ||
| S3 | 7.52 | -9.03 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 10.22 | 23.58 % | |
| R2 | 10.18 | 23.10 % | ||
| R1 | 9.91 | 19.83 % | ||
| Current price | 8.27 | |||
| Support | S1 | 8.05 | -2.66% | |
| S2 | 7.98 | -3.51% | ||
| S3 | 7.93 | -4.11% |
FAQ
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