NEOUSD surges, gaining $1.18 (9.63%) within a single day
NEO/US Dollar Index (NEOUSD) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, NEOUSD finished Saturday at 13.43 surging $1.18 (9.63%). This is the biggest single-day gain in over two months. The last time we've seen such an unusually strong single-day gain on July 21st, NEOUSD gained 3.57% on the following trading day. Today's close at 13.43 marks the highest recorded closing price since February 23rd. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 12.26, the market confirmed its breakout through the prior session high after trading up to $1.24 above it intraday.
Daily Candlestick Chart (NEOUSD as at Aug 01, 2020):
Saturday's trading range has been $1.42 (11.59%), that's far above the last trading month's daily average range of $0.60. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NEOUSD.
One bullish candlestick pattern matches today's price action, the White Candle.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 11.33.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for NEO/USD. Out of 191 times, NEOUSD closed lower 59.69% of the time on the next trading day after the market condition occurred.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more