PIVXUSD unable to break through key resistance level
Private Instant Verified Transaction/US Dollar Index (PIVXUSD) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team
PIVXUSD finished Sunday at 0.3181 losing $0.0053 (-1.64%) on high volume. Trading $0.0159 higher after the open, the cryptocurrency was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (PIVXUSD as at Nov 22, 2020):
Sunday's trading range has been $0.0283 (8.73%), that's slightly above the last trading month's daily average range of $0.0276. 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 PIVXUSD.
Unable to break through the key technical resistance level at 0.3253 (R1), PIVX/USD closed below it after spiking up to 0.3402 earlier during the day. The failure to close above the resistance could increase that levels importance going forward. After having been unable to move above 0.3379 in the previous session, PIVX ran into sellers again around the same price level today, missing to move higher than 0.3402. The last time this happened on November 7th, PIVXUSD actually gained 10.14% on the following trading day.
Although the market is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
As prices are trading close to November's high at 0.3454, upside momentum could speed up should PIVXUSD mark new highs for the month.