DOGEUSD finds buyers again around 0.002476
Doge/US Dollar Index (DOGEUSD) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
DOGEUSD finished Saturday at 0.002480 edging higher $0.000004 (0.16%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (DOGEUSD as at May 23, 2020):
Saturday's trading range has been $0.000096 (3.88%), that's slightly below the last trading month's daily average range of $0.000129. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for DOGEUSD.
After moving lower in the previous session, Doge managed to close higher but below the prior day's open, forming a bullish Harami Candle. Additionally, four candlestick patterns are matching today's price action, the Southern Doji and the Tweezer Bottom which are both known as bullish patterns, one bearish pattern, the Gravestone Doji and one neutral pattern, the Doji. The last time a Southern Doji showed up on March 15th, DOGEUSD actually lost -4.51% on the following trading day.
Unable to break through the key technical resistance level at 0.002565 (R1), DOGE/USD closed below it after spiking up to 0.002572 earlier during the day. The failure to close above the resistance might increase that levels importance going forward. After having been unable to move lower than 0.002476 in the previous session, the cryptocurrency found buyers again around the same price level today at 0.002476.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling could speed up should prices move below the close-by swing low at 0.002355 where further sell stops might get triggered.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near low of period" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for DOGE/USD. Out of 623 times, DOGEUSD closed higher 53.13% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after six trading days, showing a win rate of 54.57% with an average market move of 24.09%.
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