Horizen / US Dollar Cryptocurrency Forecast

Horizen / US Dollar cryptocurrency upgraded from Sell Candidate to Hold/Accumulate after Friday trading session.
(Updated on May 17, 2024)

ZENUSD Signals & Forecast

A buy signal was issued from a pivot bottom point on Saturday, April 13, 2024, and so far it has risen 8.77%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. 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 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 $8.73. On a fall, the cryptocurrency will find some support from the short-term average at $8.52. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Horizen / US Dollar cryptocurrency

Horizen / US Dollar finds support from accumulated volume at $8.60 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 $0.510 between high and low, or 6.20%. For the last week, the cryptocurrency has had daily average volatility of 7.74%.

Our recommended stop-loss: $8.33 (-4.06%) (This cryptocurrency has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 34 days ago.)

Trading Expectations (ZENUSD) For The Upcoming Trading Day Of Saturday 18th

For the upcoming trading day on Saturday, 18th we expect Horizen / US Dollar to open at $8.55, and during the day (based on 14 day Average True Range), to move between $8.05 and $9.31, which gives a possible trading interval of +/-$0.629 (+/-7.25%) up or down from last closing price. If Horizen / US Dollar takes out the full calculated possible swing range there will be an estimated 14.49% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $8.60 (0.92%) than the resistance at $10.18 (17.28%), 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?

Horizen / 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. We have upgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Upgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Horizen / US Dollar of Saturday, May 18, 2024

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