XVGUSD closes lower for the 3rd day in a row


Verge/US Dollar Index (XVGUSD) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team

Highlights

XVGUSD breaks back below 20-day moving average
XVGUSD finds support at 50-day moving average
XVGUSD closes lower for the 3rd day in a row
XVGUSD closes within previous day's range

Overview

Moving lower for the 3rd day in a row, XVGUSD finished Saturday at 0.00370 losing $0.00007 (-1.86%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (XVGUSD as at Nov 09, 2019):

Daily technical analysis candlestick chart for Verge/US Dollar Index (XVGUSD) as at Nov 09, 2019

Saturday's trading range has been $0.00027 (7.16%), that's slightly above the last trading month's daily average range of $0.00026. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for XVGUSD.

One bullish candlestick pattern matches today's price action, the Hammer.

After trading as low as 0.00352 during the day, the market found support at the 50-day moving average at 0.00361. The cryptocurrency closed back below the 20-day moving average at 0.00370 for the first time since October 26th. When this moving average was crossed below the last time on October 26th, XVGUSD actually gained 9.74% on the following trading day.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Hammer" stand out. Its common bullish interpretation has been confirmed for XVG/USD. Out of 9 times, XVGUSD 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 higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more


Market Conditions for XVGUSD as at Nov 09, 2019

Loading Market Conditions for XVGUSD (Verge/US Dollar Index)...
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