The cryptocurrency lost 10.58% during the previous four trading sessions but recovered 3.67% in only one trading day. We could see the price drop in the short term to gather strength, continue the upwards trend, and possibly reach a new all-time high.
The Bollinger bands are closing up, which is not good news for the asset; this usually brings lower volatility and puts the price in a consolidation period. The price could start moving laterally in the short term; the price would need a retracement to come back stronger in the mid-term.
The relative strength index is recovering from an overbought status; just five days ago, the pair’s RSI was at 79%, and it stayed overbought for a few sessions. Currently, it is at 65% giving it a little bit of room to continue moving up; however we could see a stronger retracement in the short term.
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