NEOUSD rallies, gaining $1.87 (11.36%) within a single day on high volume
NEO/US Dollar Index (NEOUSD) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, NEOUSD ended Saturday at 18.33 surging $1.87 (11.36%) on high volume. 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 November 6th, NEOUSD actually lost -5.59% on the following trading day. Today's close at 18.33 marks the highest recorded closing price since October 22nd. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 17.20, the cryptocurrency confirmed its breakout through the previous session high after trading up to $1.14 above it intraday.
Daily Candlestick Chart (NEOUSD as at Nov 21, 2020):
Saturday's trading range has been $1.90 (11.54%), that's far above the last trading month's daily average range of $1.07. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for NEOUSD.
One bullish candlestick pattern matches today's price action, the White Candle.
NEO/USD managed to close above the 100-day moving average at 17.91 for the first time since October 26th.
Crossing above the upper Bollinger Band for the first time since October 22nd, 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 15.60 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 13 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. Although it is usually interpreted as bullish, it has actually shown to be bearish for NEO/USD. Out of 211 times, NEOUSD closed lower 60.19% of the time on the next trading day after the market condition occurred.