XMRUSD breaks back above 20-day moving average
XMR/US Dollar Index (XMRUSD) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, XMRUSD finished Saturday at 63.53 gaining $0.63 (1.0%). Closing above Friday's high at 63.48, the cryptocurrency confirmed its breakout through the prior session high after trading up to $1.50 above it intraday.
Daily Candlestick Chart (XMRUSD as at May 23, 2020):
Saturday's trading range has been $2.39 (3.8%), that's below the last trading month's daily average range of $3.79. 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 XMRUSD.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on May 12th, XMRUSD actually gained 5.94% on the following trading day.
XMR managed to close back above the 20-day moving average at 62.96.
XMR/USD shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish. With its 50-day moving average crossing above its 200-day moving average, Monero has entered a so-called "Golden Cross" for the first time since April 2nd. Showing increasing upward momentum in the short and medium-term the "Golden Cross" is known to indicate a potential bull market on the horizon.
Selling might speed up should prices move below the nearby swing low at 60.04 where further sell stops could get triggered. Further buying might move prices higher should the market test April's close-by high at 68.41.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Golden Cross" stand out. Its common bullish interpretation has been confirmed for XMR/USD. Out of 3 times, XMRUSD closed higher 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