LSKUSD closes higher for the 2nd day in a row
LSK/US Dollar Index (LSKUSD) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, LSKUSD ended Saturday at 1.24 gaining $0.05 (4.2%) on high volume. Today's close at 1.24 marks the highest recorded closing price since May 2nd. Closing above Friday's high at 1.20, LSK/USD confirmed its breakout through the previous session high after trading up to $0.06 above it intraday.
Daily Candlestick Chart (LSKUSD as at May 23, 2020):
Saturday's trading range has been $0.08 (6.72%), that's slightly above the last trading month's daily average range of $0.07. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for LSKUSD.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 1.23 (now S1), which is likely to act as support going forward. The last time this happened on April 27th, LSKUSD gained 9.40% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
As prices are trading close to May's high at 1.32, upside momentum might accelerate should the market mark new highs for the month.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for LSK/USD. Out of 220 times, LSKUSD closed lower 53.64% 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