The cryptocurrency managed to recover 10.28% in the last nine trading sessions, not a very impressive performance but at least the bleeding seems to be stopped, now the price will face a strong resistance on the 23.6% Fibonacci retracement at $41,458
The Bollinger bands are slightly shrinking, which indicates lower volatility, the pair trades in between the bands which suggests that the price is at a fair level; however the short and long term moving averages still trade above the price line, indicating that a downtrend could continue.
The relative strength index is at 41% which will allow the pair to continue climbing, and potentially break the resistance level at the 23.6% Fibonacci retracement, our Parabolic SAR indicator still suggests that the downtrend will continue, but this could change in the short term.
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