XEMUSD fails to close above 200-day moving average

XEM/US Dollar Index (XEMUSD) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team


XEMUSD fails to close above 200-day moving average
XEMUSD closes higher for the 2nd day in a row
XEMUSD closes within previous day's range after lackluster session


Moving higher for the 2nd day in a row, XEMUSD ended Saturday at 0.0403 gaining $0.0001 (0.25%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (XEMUSD as at May 23, 2020):

Daily technical analysis candlestick chart for XEM/US Dollar Index (XEMUSD) as at May 23, 2020

Saturday's trading range has been $0.0015 (3.73%), that's below the last trading month's daily average range of $0.0022. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for XEMUSD.

Two candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and one bearish pattern, the Shooting Star. The last time a Shooting Star showed up on April 27th, XEMUSD actually gained 3.04% on the following trading day.

After spiking up to 0.0415 during the day, the cryptocurrency found resistance at the 200-day moving average at 0.0410.

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 200" stand out. Its common bearish interpretation has been confirmed for XEM/USD. Out of 6 times, XEMUSD closed lower 66.67% of the time on the next trading day after the market condition occurred.

With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more

Market Conditions for XEMUSD as at May 23, 2020

Loading Market Conditions for XEMUSD (XEM/US Dollar Index)...
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