The cryptocurrency continues moving sideways, we have not seen much action since early December 2021, the price could start moving more aggressively in the short to mid-term as the price gets closer to the $45,500 support level.
The Bollinger bands are narrow, but we are seeing the lower band starting to open up which will allow the price to drop further down, once it hits the lower band we would expect the price to bounce and potentially break the resistance in our 23.6% Fibonacci retracement at $48,347.
The relative strength index is at 39% which would stop a potential downtrend at around the $44,440 levels, this will then allow the price to climb freely until an overbought status is reached. Our parabolic SAR indicator suggests that the price will continue the downward trend in the short term.
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