Auto (AUTO) Could Have More Downside of -21.57% Based on History

In focus | Auto Logo Auto $AUTO
Auto (AUTO) Could Have More Downside of -21.57% Based on History

In Brief

  • The price of Auto (AUTO) has dropped to $175.93, down by -8% in the past 7-days.

  • Meanwhile, the broader market is down by -1.0% in comparison.

  • Past occurrences suggest that prices could be headed lower.

Auto might have fallen sharply recently, and unfortunately for investors historic price movements suggest that the market is heading lower.

We can't predict the future, but we can analyze what happened in the past. Stack analyzed the previous performance of Auto (AUTO). Analyzing 11 past occurrences where the price fell sharply over a 7-day period.

Why Auto's Price Might Be Moving Move Lower

Essentially, because of several similar occasions in the past. That is to say, we have seen this situation play out before.

Over those 11 past occurrences, we found that 81.82% of the time the price increase by a median -21.57% over the following 30 days.

For example, on April 18th, 2021 we saw the price of Auto fall by -17.6%, only to rebound by -19.1% over the following 30 days.

What does this mean?

It's important to remember that this is just one indicator. Many of factors can affect the price of any investment.

Crypto prices are influenced by social media, developer activity, the number of exchanges and on-chain activity. Stack factors all these into it's ranking system to make it quick to compare the quality of different cryptos.

If you feel that other factors, including the broader crypto market, are favorable given the suggested 7-day investment horizon. Then it could represent a good time to invest, or a good entry point. We recommend that you do your own research (DYOR) before making any investment decisions.

What else might be moving the price?

As mentioned above, several factors can affect the price of any investment. Here are some that Stack can help you track.

The overall crypto market's direction

The broader market is also down by a median -1.0%. Most cryptos are correlated, especially to Bitcoin and Ethereum. So this is likely affecting the price. Going against the grain can work, but should be done with caution.

It's also work paying attention to the broader macroeconomic conditions. As crypto investing becomes more mainstream, it is increasingly becoming correlated to stocks as well.

Developer activity

How active have the developer for Auto been?

Over the past 4 weeks there have been 5 commits on Auto's Github account. This compares to an average of 2 commits per week.

Spotting significant changes in developer activity can highlight potential new products being worked on and abandoned projects that might be in decline.

Social media

Social media can have a powerful effect on cryptocurrency prices. Even a single tweet can move markets (we're looking at you Elon). It's difficult to gauge sentiment just by scrolling, but you can use tools like Stack to monitor the growth of a project's followers.

Auto's Twitter followers have increased by -0% over the past 7 days. You can view stats for other networks in the full report for Auto.

Important Disclaimer: This material is for informational purposes only. None of the material or any material on the website should be interpreted as investment advice. Stack does not make any express or implied warranties, representations or endorsements whatsoever with regard to the material or related information. In particular, you agree that Stack and it's owners assume no warranty for the correctness, accuracy and completeness of the material.