XEMUSD climbs to highest close since May 8th
XEM/US Dollar Index (XEMUSD) Technical Analysis Report for May 26, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, XEMUSD ended Tuesday at 0.0413 gaining $0.0011 (2.74%) on high volume. Today's close at 0.0413 marks the highest recorded closing price since May 8th. Trading up to $0.0008 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on May 8th, XEMUSD actually lost -2.63% on the following trading day. Closing above Monday's high at 0.0406, NEM confirmed its breakout through the prior session high after trading up to $0.0012 above it intraday.
Daily Candlestick Chart (XEMUSD as at May 26, 2020):
Tuesday's trading range has been $0.0024 (5.97%), that's slightly above the last trading month's daily average range of $0.0022. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for XEMUSD.
The cryptocurrency managed to close above the 200-day moving average at 0.0410 for the first time since May 8th. Prices are trading close to the key technical resistance level at 0.0421 (R1).
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Its common bearish interpretation has been confirmed for XEM/USD. Out of 106 times, XEMUSD closed lower 61.32% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after four trading days, showing a win rate of 62.26% with an average market move of -0.46%.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are LTCUSD losing -1.54% and ETHUSD closing -1.5% 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 LSKBTC surging 3.68% and XEMBTC closing 3.55% higher. The worst performers of the day have been BCNUSD tanking -12.73% and NANOBTC closing -4.72% lower. Read more