DOGEUSD breaks above 200-day moving average for the first time since August 23rd
Doge/US Dollar Index (DOGEUSD) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, DOGEUSD finished Sunday at 0.002806 surging $0.000163 (6.17%). This is the biggest single-day gain in over a month. The last time we've seen such an unusually strong single-day gain on Thursday, DOGEUSD actually lost -4.74% on the following trading day. Today's close at 0.002806 marks the highest recorded closing price since August 13th.
Daily Candlestick Chart (DOGEUSD as at Nov 10, 2019):
Sunday's trading range has been $0.000181 (6.62%), that's slightly below the last trading month's daily average range of $0.000203. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DOGEUSD.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern.
The cryptocurrency managed to close above the 200-day moving average at 0.002787 for the first time since August 23rd. Unable to break through the key technical resistance level at 0.002847 (R1), DOGE/USD closed below it after spiking up to 0.002896 earlier during the day. The failure to close above the resistance could increase that levels significance going forward.
Crossing above the upper Bollinger Band for the first time since October 18th, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 0.002613 or signal the beginning of a strong momentum breakout leading to even higher prices.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Further buying might move prices higher should the market test October's close-by high at 0.002996.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for DOGE/USD. Out of 216 times, DOGEUSD closed lower 62.96% of the time on the next trading day after the market condition occurred.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more