DASHUSD surges, gaining $11.08 (13.29%) within a single day on high volume
Dash/US Dollar Index (DASHUSD) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, DASHUSD ended Saturday at 94.42 surging $11.08 (13.29%) on high volume. This is the biggest single-day gain in over eight months. Today's close at 94.42 marks the highest recorded closing price since August 17th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 86.85, DASH/USD confirmed its breakout through the prior session high after trading up to $7.68 above it intraday.
Daily Candlestick Chart (DASHUSD as at Nov 21, 2020):
Saturday's trading range has been $11.43 (13.71%), that's far above the last trading month's daily average range of $5.61. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for DASHUSD.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 88.05 (now S1), which is likely to act as support going forward. Prices are trading close to the key technical resistance level at 94.67 (R1). After having been unable to move lower than 82.28 in the previous session, the cryptocurrency found buyers again around the same price level today at 83.10. The last time this happened on November 16th, DASHUSD gained 2.96% on the following trading day.
Crossing above the upper Bollinger Band for the first time since Tuesday, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 74.25 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 14 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for DASH/USD. Out of 396 times, DASHUSD closed lower 57.32% of the time on the next trading day after the market condition occurred.