NEOUSD finds buyers again around 10.61
NEO/US Dollar Index (NEOUSD) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, NEOUSD ended Sunday at 11.07 gaining $0.44 (4.14%). Closing above Saturday's high at 10.96, the cryptocurrency confirmed its breakout through the previous session high after trading up to $0.42 above it intraday.
Daily Candlestick Chart (NEOUSD as at Nov 10, 2019):
Sunday's trading range has been $0.77 (7.17%), that's slightly below the last trading month's daily average range of $1.00. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for NEOUSD. Prices continued to consolidate within a tight trading range between 10.36 and 11.38 where it has been caught now for the whole last trading week.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on November 4th, NEOUSD lost -2.69% on the following trading day.
The market managed to close back above the 200-day moving average at 11.02. Unable to break through the key technical resistance level at 11.32 (R1), NEO closed below it after spiking up to 11.38 earlier during the day. The failure to close above the resistance could increase that levels significance going forward. After having been unable to move lower than 10.54 in the prior session, NEO/USD found buyers again around the same price level today at 10.61.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the nearby swing high at 11.75 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 10.36 where further sell stops could get triggered.
Among the eight 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 NEO/USD. Out of 54 times, NEOUSD closed lower 59.26% 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