The cryptocurrency is on a downtrend since April 5th, when it broke the support at $46,640 on our 38.2% Fibonacci retracement. The pair trades below the short and long-term moving average, suggesting that the price could continue falling in the short term.
The Bollinger bands are opening up at the edges and we could have higher volatility in the upcoming trading sessions, the pair trades below the lower band, suggesting that the price is relatively low, although it could fall some more before a correction.
The relative strength index is at 34% which will allow the price to fall a bit more before entering an oversold status, at which point, investors might react and go long on the crypto, boosting the price to a resistance breakout attempt at the 23.6% Fibonacci retracement
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