DASHUSD closes within previous day's range after lackluster session
Dash/US Dollar Index (DASHUSD) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
DASHUSD ended Saturday at 74.00 losing $0.69 (-0.92%) on low volume. Trading $1.07 higher after the open, DASH/USD was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on May 6th, DASHUSD actually gained 2.44% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (DASHUSD as at May 23, 2020):
Saturday's trading range has been $2.26 (3.03%), that's below the last trading month's daily average range of $4.58. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for DASHUSD.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern.
Prices broke below the key technical support level at 74.23 (now R1), which is likely to act as resistance going forward. After having been unable to move above 75.46 in the previous session, Dash ran into sellers again around the same price level today, missing to move higher than 75.76.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the close-by swing high at 78.49 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 70.99 where further sell stops could get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Its common bearish interpretation has been confirmed for DASH/USD. Out of 133 times, DASHUSD closed lower 58.65% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more