XEMUSD snaps to lowest close since July 16, 2017
XEM/US Dollar Index (XEMUSD) Technical Analysis Report for Aug 11, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, XEMUSD finished Saturday at 0.1048 tanking $0.0120 (-10.27%) on high volume. Today's closing price of 0.1048 marks the lowest close since July 16, 2017. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 0.1151, NEM confirms its breakout through the previous session's low having traded $0.0107 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (XEMUSD as at Aug 11, 2018):
Saturday's trading range was $0.0089 (7.86%), that's below last trading month's daily average range of $0.0132. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly above average.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
2,017's low at 0.0877 is within reach and we might see further downside momentum should the market break out beyond.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are XRPUSD losing -8.28% and ETCUSD closing -7.72% lower. None of the markets managed to end the day in the green. Looking at the other Minor Cryptocurrencies, the winners of the day have been BTCCNY surging 5.28% and WAVESBTC closing 1.9% higher. The worst performers of the day have been ELFBTC tanking -13.38% and IOTBTC closing -11.22% lower. Read more